Though some market players believe it is too early to say, the merger between Fitch IBCA and Duff & Phelps Credit Rating Co. is indeed adversely affecting asset-backed transactions by smaller, mid-size issuers.

"Fitch does not have the experience or the desire to focus on the smaller, mid-size issuers," said Warren Kornfeld, director of asset-backed securities at William Blair & Co. "Fitch really wants to focus on larger issuers."

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