Fitch Updates Derivative Product Company Rating Criteria

Link to Fitch Ratings' Report: Derivative Product Company Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=727858

Fitch Ratings has updated its criteria for derivative product companies (DPCs), consistent with its practice of reviewing ratings criteria on an annual basis. There are no material changes in the updated criteria.

Fitch's criteria apply to DPCs that are separate legal and operating entities and benefit from capital and structural protections that seek to make them legally, financially, and operationally distinct from their sponsor. DPCs are typically wholly owned subsidiaries of financial services companies which serve as a DPC's sponsor.

The criteria address DPCs that intermediate or guarantee 'plain vanilla' derivative transactions on behalf of the sponsor. The rating criteria also address considerations for DPCs acting act as a counterparty or guarantor for structured finance (SF) transactions. These criteria do not apply to bespoke derivatives, including those that may be associated with SF transactions such as balance-guaranteed swaps or swaps with highly customized reference rates.

The full report, 'Derivative Product Company Rating Criteria', is available at www.fitchratings.com or by clicking on the link above.

Additional information is available at 'www.fitchratings.com'.

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