Fitch Solutions: CDS on North American Banks Tighten 36%
(The following statement was released by the rating agency) NEW YORK, October 15 (Fitch) Tighter credit default swap (CDS) spreads among North American banks appear to be indicative of slowly returning market confidence, according to the latest case study from Fitch Solutions. CDS on North American banks have tightened 36% over the past year. 'Increased regulatory scrutiny appears to be precipitating a move away from riskier assets, more emphasis on credit risk management and shored up balance sheets for North American banks,' said Director Diana Allmendinger. Another sign of decreasing uncertainty is evident in CDS liquidity, which has declined for the sector over the past year. On average, CDS liquidity for North American banks fell six regional percentile rankings. 'Whereas six banks appeared in the top 10th regional percentile a year ago, only three remain today,' said Allmendinger. Fitch Solutions case studies build on data from its CDS Pricing Service and proprietary quantitative models, including CDS Implied Ratings. These credit risk indicators are designed to provide real-time, market-based views of creditworthiness. As such, they can and often do reflect more short term market views on factors such as currencies, seasonal market effects and short-term technical influences. This is in contrast to Fitch Ratings' Issuer Default Ratings (IDRs), which are based on forward-looking fundamental credit analysis over an extended period of time. Additional information about Fitch Solutions' products is available in the link below: 'here detail=130' Contact: Diana Allmendinger Director +1 212-908-0848 Fitch Solutions, 33 Whitehall Street, New York, NY 10004 Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278, Email: email@example.com. Fitch Solutions, a division of the Fitch Group, focuses on the development of fixed-income products and services, bringing to market a wide range of data, analytical tools and related services. The division is also the distribution channel for Fitch Ratings content. Fitch Ratings and Fitch Solutions are part of the Fitch Group, a jointly-owned subsidiary of Fimalac, S.A. and Hearst Corporation. For additional information, please visit 'www.fitchsolutions.com'; 'www.fitchratings.com'; 'www.fimalac.com' and 'www.hearst.com'.
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