01Insights
Rating Criteria
Rating Criteria explains our forward-looking ratings approach. Criteria reports identify rating drivers and assumptions, and highlight the scope and limitations of our analysis. Master Criteria describe the basic foundation for our ratings within a sector. Cross-Sector Criteria explain Fitch’s approach to topics that relate to multiple areas or audiences. Sector-Specific Criteria describe Fitch’s analytical approach for individual sectors, and address specific credit factors.
Ratings Process
Fitch Ratings provides forward-looking credit opinions, as indicated by its ratings, that reflect its expectations of credit behavior over a range of scenarios. The rating process begins when an arranger, issuer, sponsor, or underwriter contacts a member of Fitch’s Business Relationship Management (BRM) group with a request to engage Fitch. Fitch may also initiate unsolicited rating coverage where sufficient public information is available to provide insight to subscribers and the public debt market.
Global Economic Outlook
Global growth is set to hold steady despite the oil‑price spike driven by the Iran conflict. Strong AI investment and fiscal support are cushioning shocks, while eurozone momentum is improving as Germany recovers. US consumption and China’s economy are expected to cool next year, and Fitch has nudged up its global growth forecasts, though energy‑price risks persist.
Improved U.S. Airport Medians Support Numerous Rating Upgrades
The U.S. airport sector has remained resilient through economic and airline industry challenges; this is reflected in strong median financial metrics for general airport revenue bonds (GARB), which have outperformed pre-pandemic fiscal 2019 levels.
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Iran Conflict Raises Risks to Developed Markets’ Growth and Fiscal Outlooks
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