Page.

Chiffre d’affaires des données publiées aux données comparables
(en M€) 2004 2005 Variation Chiffre d'affaires (données publiées) 412,7 557,9 + 35,2% Effet de conversion ($ et £) 2,7 Variation du périmètre (Entrée Algorithmics) - 68,7 CHIFFRE D'AFFAIRES (données comparables) 491,9 + 19,2%

Chiffre d’affaires par société (données publiées)
(en M€) 2004 2005 Variation FITCH GROUP 411,6 556,1 + 35,1% Fitch Ratings 403,8 476,6 + 18,0% Algorithmics 7,8 * 79,5 Autres (société mère) 1,1 1,8 CHIFFRE D'AFFAIRES (données publiées) 412,7 557,9 + 35,2% * Fitch Risk Management seule en 2004

Chiffre d’affaires par société (données comparables)
(en M€) 2004 2005 Variation FITCH GROUP 411,6 490,1 + 19,1% Fitch Ratings 403,8 479,1 + 18,6% Algorithmics 7,8 11,0 + 41,0% Autres (société mère) 1,1 1,8 CHIFFRE D'AFFAIRES (données comparables) 412,7 491,9 + 19,2%

Chiffre d’affaires publié par zone géographique
2004 % 2005 1 États-Unis 241,5 58,5 % 297,1 53,3% 2 Grande Bretagne 51,5 12,5 % 78,6 14,1% 3 Allemagne 11,9 2,9 % 20,1 3,6 % 4 Italie 9,7 2,3 % 14,3 2,6% 5 France 10,0 2,4 % 13,6 2,4% 6 Espagne 8,6 2,1 % 11,0 2,0% 7 Pays-Bas 6,8 1,7 % 8 Suisse 9,2 2,2 % 10,7 1,9% 9 Mexique 5,5 1,3 % 1,8% 10 Japon 5,7 1,4 % 1,6% % du chiffre d'affaires publié total 87,3% 85,2%

Du chiffre d’affaires au résultat opérationnel courant
(en M€) 2004 2005 Variation Chiffre d’affaires (données publiées) 412,7 557,9 + 35,2% Autres produits et charges d’exploitation - 336,6 - 450,7 Résultat opérationnel courant (données publiées) 76,1 107,2 + 40,9% Effet de conversion ($ et £) 0,7 Variation du périmètre (Entrée Algorithmics) 14,2 RÉSULTAT OPÉRATIONNEL COURANT (données comparables) 122,1 + 60,4%

Résultat opérationnel courant par société (données publiées)
(en M€) 2004 2005 Variation FITCH GROUP 88,4 120,5 + 36,3% Fitch Ratings 99,1 149,0 + 50,4% Algorithmics - 10,7 * - 28,5 Autres (société mère) - 12,3 - 13,3 RÉSULTAT OPÉRATIONNEL COURANT (données publiées) 76,1 107,2 + 40,9% * Fitch Risk Management seule en 2004

Résultat opérationnel courant par société (données comparables)
(en M€) 2004 2005 Variation FITCH GROUP 88,4 135,4 + 53,2% Fitch Ratings 99,1 149,7 + 51,1% Algorithmics - 10,7 - 14,3 - 33,6% Autres (société mère) - 12,3 - 13,3 RÉSULTAT OPÉRATIONNEL COURANT (données comparables) 76,1 122,1 + 60,4% Marge opérationnelle (ROC / CA) 18,4% 24,8%

Du résultat opérationnel courant au résultat opérationnel (données publiées)
(en M€) 2004 2005 Variation Résultat opérationnel courant (données publiées) 76,1 107,2 + 40,9% Autres produits et charges opérationnels 2,2 - 1,2 RÉSULTAT OPÉRATIONNEL (données publiées) 78,3 106,0 + 35,4%

Du résultat opérationnel au résultat net (données publiées)
(en M€) 2004 2005 Résultat opérationnel (données publiées) 78,3 106,0 Coût de l’endettement financier - 18,2 - 18,1 Autres produits et charges financiers - 3,5 0,3 Charge d’impôt 6,9 - 40,3 Résultat net des sociétés mises en équivalence 0,4 0,5 Résultat net des sociétés cédées ou en cours de cession - 14,9 9,4 Intérêts minoritaires - 2,6 - 0,2 RÉSULTAT NET – Part Groupe (données publiées) 46,4 57,6

Historique Fondation de Fimalac en 1991
Création d’un département de notation financière : début 1992 Fimalac acquiert IBCA (Angleterre) : fin 1992 Acquisition de Fitch (USA) par Fimalac : en => fusion avec Fitch : création de “Fitch Ibca” Acquisition de Duff & Phelps (USA) en => fusion avec “Fitch Ibca” et création de “Fitch Ibca Duff & Phelps” Acquisition de Bankwatch (Canada) : fin 2000 => “Fitch Ibca Duff & Phelps” prend le nom simplifié de “Fitch Ratings”

Croissance du chiffre d'affaires
In $ Mil $693 $511 $455 $356

Croissance du résultat opérationnel courant (EBIT)
In $ Mil

Structure de Fitch Group
100 % 100 % FITCH RATINGS ALGORITHMICS Y compris Fitch Risk Management

Du chiffre d'affaires au résultat opérationnel courant (données publées)
en M$ Normes IAS 2004 2005 % variation 2005 vs. 2004 Chiffre d’Affaires (données publiées) 511,3 692,6 + 35,5 % Charges de personnel - 227,5 - 325,6 Autres charges externes - 95,3 - 134,2 Total charges - 322,8 - 459,8 EBITDA (données publiées) 188,5 232,8 + 23,5 % Provision intéressement - 67,7 - 53,2 Dépréciations & amortissements - 11,0 - 29,5 Résultat Opérationnel Courant (données publiées) 109,8 150,1 + 36,7 %

Résultats par société (données publiées)
En M$ Normes IAS 2004 2005 % variation 2005 vs. 2004 Chiffre d’Affaires FITCH GROUP 511,3 692,6 FitchRatings 501,5 593,6 + 18,4 % Algorithmics 9,8 99,0 EBITDA FITCH GROUP 188,5 232,8 197,5 247,6 + 25,4 % - 9,0 - 14,8 Résultat opérationnel courant FITCH GROUP 109,8 150,1 123,1 185,6 + 50,8 % - 13,3 - 35,5

Entrée de Hearst au capital de Fitch Group
Prise de participation minoritaire de 20 % dans Fitch Group

Valeur de la transaction
en M$ Valorisation Fitch Group transaction 100% 20% EBITDA FITCH RATINGS 247,6 Multiple Moody's 17,2 x Valeur d'entreprise Fitch Ratings 4 259 Valeur d'entreprise Algorithmics 175 Valeur d'entreprise FITCH GROUP 4 434 Décote minoritaire -1 080 Dette nette estimée au closing -234 Provision intéressement cumulée estimée au closing -162 Valeur Nette 100% FITCH GROUP 4 038 2 958 Valeur Nette 20% FITCH GROUP 592

Valorisation de Fitch Group
parité : 1€ = 1,2$ Valorisation Fitch selon transaction Moyenne Analystes Français (1) Etrangers (2) Valeur d'entreprise FITCH GROUP 4 434 2 832 3 596 3 159 Décote appliquée sur Moody's 0% Dette nette estimée -234 Provision intéressement cumulée estimée -162 Valeur Nette FITCH GROUP en M$ 4 038 Valeur Nette FITCH GROUP en M€ 3 365 2 104 2 679 2 350 (1) CAI Cheuvreux, Exane BNP Paribas, Fideuram Wargny, Oddo Securities. (2) Cazenove, Dawnay Day Lockhart et UBS.

Valorisation de Fimalac
parité : 1€ = 1,2$ Valorisation Fitch selon transaction Moyenne Analystes Français (1) Etrangers (2) Valeur Nette FITCH GROUP en M€ 3 365 2 104 2 679 2 350 Valeur Nette 80% FITCH GROUP (ap. impôts) 2 650 Trésorerie cession 20% FITCH GROUP (ap. impôts) Trésorerie, autres actifs et passifs de Fimalac ANR FIMALAC en M€ = 3 250 = 2 237 = 2 812 = 2 483 Nbre de titres FIMALAC (en millions) (après annulation de titres) 37,5 Cours théorique en € 86,7 59,7 75,0 66,2 Cours au 28/02/06 en € 66,3 Potentiel de hausse 31% 45% 16% (1) CAI Cheuvreux, Exane BNP Paribas, Fideuram Wargny, Oddo Securities. (2) Cazenove, Dawnay Day Lockhart et UBS.

Les aspects contractuels
Opération soumise à l’accord des autorités de la concurrence, closing prévu fin avril 2006 Les aspects contractuels

Des indicateurs opérationnels en forte croissance en 2005
Chiffre d'affaires : ,2 % Résultat opérationnel courant : ,4 % Les ratios opérationnels du groupe se sont améliorés : Augmentation du dividende de 19 % à 1,25 € par action Résultat opérationnel courant / Chiffre d'affaires 18,4 % 24,8 % Résultat net / Capitaux propres (données publiées) 10,1 % 12,5 % A données comparables

Dividende ordinaire par action

Cours comparés – Fimalac, CAC 40 & SBF 120 de Décembre 1992 à Février 2006 - Base 100
1 312 SBF 120 304 CAC 40 273 Déc-92 Déc-93 Déc-94 Déc-95 Déc-96 Déc-97 Déc-98 Déc-99 Déc-00 Déc-01 Déc-02 Déc-03 Déc-04 Déc-05 Déc-06

Cours comparés – Fimalac, CAC 40 & SBF 120 de janvier 2005 à février 2006 - Base 100
au 28/02/2006 FIMALAC 188 SBF 120 135 CAC 40 131 Janv-05 Fév-05 Mar-05 Avr-05 Mai-05 Juin-05 Juil-05 Aoû-05 Sept-05 Oct-05 Nov-05 Déc-05 Janv-06 Fév-06

"Total Shareholder Return" sur 10 ans des sociétés du SBF120
au 28/02/2006 TSR Sur 10 ans Annualisé En % En % Rang 1 Beneteau 3 220,6% 42,0% 2 Maurel & Prom 2 576,3% 38,9% 3 Vallourec 2 324,3% 37,6% 4 Areva 1 473,0% 31,7% 5 Vinci 994,1% 27,0% 6 Wendel Investissement 870,4% 25,5% 7 Fimalac 861,0% 25,4% 8 SR Teleperformance 770,3% 24,2% 9 Unibail 761,1% 24,0% 10 Klepierre 715,7% 23,4% 11 CFF Recycling 676,8% 22,8% 12 Bouygues 676,3% 13 Societe Generale 603,8% 21,6% 14 BNP Paribas 530,1% 20,2% 15 Publicis Groupe 512,0% 19,9% Source JCF Group

Revenue by Segment 2004 2005 change 2005/2004 % of 2005 total
(in millions of US$) IAS Norms 2004 2005 change 2005/2004 % of total Structured Finance 267,5 324,9 21,5% 54,7% Corporate Finance 143,4 163,7 14,2% 27,6% Public Finance/Sovereigns 34,8 40,9 17,5% 6,9% Subscriptions / Training 55,8 64,1 14,9% 10,8% TOTAL FITCH RATINGS 501,5 593,6 18,4% 100%

Revenue by Region 2004 2005 change 2005/2004 % of 2005 total
(in millions of US$) IAS Norms 2004 2005 change 2005/2004 % of total North America 291,4 342,0 17,4% 57,6% Europe, Middle East & Africa 175,1 207,9 18,7% 35,0% Latin America 19,1 24,0 25,7% 4,0% Asia Pacifica 15,9 19,7 23,9% 3,3% TOTAL FITCH RATINGS 501,5 593,6 18,4% 100 %

Key Figures (reported)
(in millions of US$) IAS Norms 2004 2005 % change 2005 vs. 2004 Revenue (reported) 501,5 593,6 + 18,4 % EBITDA (reported) 197,5 247,6 + 25,4 % EBITDA margin 39,4 % 41,7 % Current Operating Income (reported) 123,1 185,6 + 50,8 % Current Operating Income margin 24,5 % 31,3 %

Revenue and Current Operating Income Growth
(in millions of US$) 700 600 500 400 300 200 100 - 1997 1998 1999 2000 2001 2002 2003 2004 2005 Revenue Operating Income Operating Margin 21% 26% 26% 25% 23% 23% 25% 25% 31%

Drivers of Debt Capital Markets Growth
Drivers of recent and future growth in debt capital markets Macroeconomic drivers Worldwide economic growth Levels of real interest rates Levels of capital spending Merger and acquisition activity Deregulation Market structure drivers Innovation (e.g., new instruments) in the debt capital markets Growth of securitization Disintermediation of markets Increased availability of financial information Demand from “new money” investors

Points of Differentiation
BMA survey: Majority of investors believe 3 ratings is ideal Source: Bond Market Association Rating Industry Day, February 2006

Market Share By Revenue (First Nine Months 2005)
Source: Moody’s Investor Presentation, March 2006

Market Share (continued)
Fitch 2005 Market Share (By Issuance Dollar Volume) Source: SDC, Bondware, Fitch

Key 2005 Accomplishments Greater Institutional Acceptance – Transitioning the Market to a Three Rating Environment Inclusion in key fixed income indexes Lehman Brothers, Merrill Lynch, Banc of America, iTraxx, iBoxx, Bond Buyer, NASD Bloomberg Corporate Bond Indices, etc. Inclusion in institutional investor investment guidelines 56% of top 100 institutional investors have changed or are in process of changing 78% of top 50 public pension fund investors have changed or are in process of changing Calpers, Citigroup, Dreyfus, Fidelity, PIMCO, TIAA-CREF, etc.

Key 2005 Accomplishments (continued)
Key Rating Initiatives Recovery ratings Created two new types of ratings – issuer default ratings and recovery ratings Being rolled out across all corporate, utility, bank and insurance sectors Credit derivatives Valuspread acquisition provides data for analysis and a commercial platform Content additions to FitchCDx, Fitch’s online hub of credit derivatives information RAPCD announced March 15, will provide integrated platform for credit and market risk in growing synthetic CDO market Quantitative financial research Invested in 2005 to build QFR teams in NY and London Focused on structured finance, but also involved in other areas Focused on updating current Fitch internal and external models plus building new solutions

Key 2005 Accomplishments (continued)
Key Rating Initiatives (continued) VECTOR version 2.2 released for CDO market Insurance Q Ratings Built on success of QIFS ratings in Europe with U.S. rollout Furthers market transparency by providing information on insurers of all size Introduced two measures of banking system vulnerability – Banking System Indicator and Macro Prudential Indicator Continued expansion in high yield, leveraged loans and covered bonds International Securitisation Report and Structured Finance International best structured finance rating agency awards – again Products & Services Focused on identifying opportunities to complement core products -- Fitch Research and Ratings Delivery Service -- with new products and services Launched three structured finance-focused products in 2005 Bond Compare, FASTracker, ABCP SMART

Key 2006 Initiatives Structured Finance Initiatives
Updated RMBS model Revised VECTOR CDO model RAPCD for synthetic CDOs Continue to build QFR team Corporate/Financial Institution Initiatives Continued recovery ratings implementation Insurance capital model Financial guaranty capital model Expand in high yield and leveraged loan markets Business Development Initiatives Build on index and investment guideline inclusion momentum Grow products and services

Regulatory Update U.S. International
SEC continues its ongoing review of the appropriate level of regulation for ratings agencies Released for public comment Proposed Rule on definition of NRSRO in April 2005 Produced technical assistance for Congress relating to SEC statutory authority in June 2005 “Credit Rating Agency Duopoly Relief Act of 2005” introduced in House in June 2005 Hearings held in 2005; additional hearings in House possible in 2006 Senate hearing held March 7 International European Parliament asked EU Commission to assess need for rating agency legislation in 2004 EU Commission announced it will not propose new legislation to regulate but will monitor compliance with existing and self-regulatory rules IOSCO published Code of Conduct Fundamentals for Credit Rating Agencies in December 2004 Fitch supports the IOSCO approach ; published its official Code of Conduct in January 2005

Market Outlook Long-term secular outlook remains favorable but cyclical factors may induce some volatility Continued worldwide economic growth Potential for rising real interest rates Increased M&A activity Basel II BMA projects 13% decline in total US issuance volume in 2006 (driven by RMBS) EMEA issuance outlook more positive, particularly in structured finance

Goals Continue to capitalize on overall institutionalization efforts
Maintain and grow market share across all key segments and region Revised models should drive incremental ratings share Enhanced pricing flexibility Continue to grow revenue from products and services Fitch Ratings: 10-12% revenue growth annually US: 8-10% International: 20%

Algorithmics Incorporated Page

Key Figures (reported)
Algorithmics Incorporated (in millions of US$) IAS Norms 2004 2005 Revenue (reported) 9,8 99,0 EBITDA (reported) - 9,0 - 14,8 Current Operating Income (reported) - 13,3 - 35,5 Note: includes FRM only reflects only ~11 months of Algorithmics revenue, an adjustment of the revenue recognition policy, and $15.7 million amortization charge associated with acquired Algo IP

Revenue by Region Algorithmics IAS Norms (in millions of US$)
Incorporated (in millions of US$) IAS Norms

Overview Algorithmics
Incorporated Algorithmics strives to be the single most respected and widely used provider of risk management solutions in the world. Founded in 1989, a recognized leader in enterprise risk management 660 professionals in 18 global offices Serves the global financial services industry Over 300 solutions clients including 70 of the world’s largest banks

Recognized Leadership
Algorithmics Incorporated “The broadest and deepest offering available for Basel II ...advanced features and technology... an integrated approach to market, credit, and operational risk, but also delivers data and sophisticated analytics/models.“ Source: Celent, February 2006

Algorithmics Incorporated Recognized Leadership " Algorithmics stands in the Leaders quadrant due to proven implementation capability, functional breadth across the entire Basel II criteria solution architecture, and its deep domain and issue knowledge." Source: Gartner, September 2005

Financial Institution of the Future
Algorithmics Incorporated Financial Institution of the Future Today Do business and then compute risk. Tomorrow Compute risk and then do business!

Comprehensive Solutions
Algorithmics Incorporated Algo Suite One data architecture One analytical engine One suite of solutions Key differentiators: Enterprise wide Comprehensive solutions Integrated framework Scalable architecture Advanced analytics Proven solutions

Corporate Achievements in 2005
Algorithmics Incorporated Corporate Achievements in 2005 Growth Secured >90 new licenses Enhanced Resources and Approach Completed successful integration of Fitch Risk Established focused, revenue-oriented business lines Developed new 3rd party alliances: NumeriX, Citigroup, Polaris Delivered Value Secured powerful value-added statements by clients Industry Recognition Risk Awards, Gartner Magic Quadrant, American Banker Top 100, Celent Basel II

Solution Achievements in 2005
Algorithmics Incorporated Algo Suite 4.5 Successful launch in April; more than 20 upgrades completed or underway Capital Management and Credit Risk (Algo Capital, Algo Credit) Leading market share for Basel II Vendors (Celent 2006) Proven economic and regulatory capital solutions Successful launch of European Credit Data Services Introduced credit workflow solutions to the market Over 80 capital management and credit risk clients

Solution Achievements in 2005
Algorithmics Incorporated Operational Risk (Algo OpVantage) Integration created the largest operational risk team in the world Recognized by Chartis Research as leading operational risk provider Loss Event Database (FIRST) More than 80 operational risk clients worldwide Market Risk for the Buy Side and Sell Side (Algo Risk) Gained momentum with partnered ASP solutions (BBG, BHF, SSID) Opened MtF framework to accommodate 3rd party models Extended decision support, including optimization Over 100 market risk (Algo Risk) clients Collateral Management (Algo Collateral) Optimized for scalability Progress made toward development of version 5.0 (launch Q3 2006) Over 60 long-term collateral clients

Evolving Positioning Algorithmics Financial Institution of the Future
Incorporated Financial Institution of the Future Compute Risk then do business Solution Strategy, building on core competencies: Full forward valuation. No Short Cuts Enterprise wide consolidation of all risks Risk related work-flow and decision process Integrated Solution Strategy for ERM Software Content Services Advisory

Risk Management Growth Drivers
Algorithmics Incorporated Evolving regulatory pressures Increasing complexity in financial markets and products Ongoing trends toward buying solutions rather than building in-house Increasing scope and scale of risk management requirements Growing interest from non-traditional markets – ex. buy side Evolving trends towards risk management best practice for competitive and business advantage

Key Investment Areas in 2006
Algorithmics Incorporated Key Investment Areas in 2006 People: Increased investment in subject matter expertise in business lines and field; significant enhancements to services and advisory resources Credit Processes Credit workflow Internal ratings process Limit management Capital Management Advisory Economic & regulatory capital EPE (Basel II) Content (Credit Data Services) Extensive models platform (Citigroup) Analytics for Fitch Ratings Buy Side Investment decision process Managed service / ASP Explore related verticals Sell Side Decision support Advanced analytics Open MtF program (NumeriX) Operational Risk Scalability and flexibility Advisory Content Collateral Management Scalability and flexibility Risk-based margining

Risk Leadership Growth Objectives 20%+ overall revenue growth
Algorithmics Incorporated Growth Objectives 20%+ overall revenue growth Market opportunity Our market position Solutions that matter Investment in growth strategy

Global Presence Headcount NA: ~870 LA: ~160 EMEA: ~590 AP: ~160
Total: ~1,780 Mexico City Santiago Brisbane Sao Paulo Buenos Aires Paris Frankfurt London Chicago Caracas Austin Johannesburg Sydney Singapore Hong Kong Tokyo Beijing Tampa New York Lima Seoul Mumbai Tunis Barcelona Milan Toronto Moscow La Paz Bogota Rio De Janeiro San Jose Quito San Salvador Kuala Lumpur Bangkok Taipei Colombo Istanbul Monterrey San Francisco Washington Warsaw New Delhi Chennai Kolkata Montevideo

Market Coverage Fitch’s Ratings Universe (as of year end 2005)
5,387 financial institutions 3,212 banks 1,976 insurance companies 1,279 corporate ratings 96 sovereign ratings 80,323 municipal transactions under surveillance 117 sub-sovereign ratings structured finance deals under surveillance 6,361 U.S. 1,436 EMEA 271 Asia-Pacific

Points of Differentiation
Opinions respected by investors and issuers Service - oriented culture Experienced career analysts Commitment to proactive service Thorough analysis and reporting Prompt response to inquiries In-depth criteria and modeling Active investor visitation program Global regulatory recognition Frequent seminars and conferences Sharing the ideas behind our opinions A multinational firm built on local expertise Open decision-making framework Dual headquarters in New York and London Accessibility of analysts Coverage in over 90 countries Timely presale research Regional presence in six US cities Ongoing surveillance Credit decisions reflecting on the ground perspective Innovative and forward thinking Original Research and modeling Receptivity to new ideas and markets Specialized knowledge in complex credits Proven record of innovation

Code of Conduct Introduction to Fitch Ratings Code of Conduct
“Fitch Ratings is committed to providing the world's securities markets with objective, timely, independent and forward-looking credit opinions. Fitch is dedicated to several core principles -- objectivity, independence, integrity and transparency. Investor confidence in Fitch’s ratings and research is difficult to win, and easy to lose, and Fitch’s continued success is dependent on that confidence. “Fitch expects all of its employees to act in accordance with the highest standards of personal and professional integrity in all aspects of their activities and to comply with all applicable laws, rules and regulations, and all policies and procedures adopted by Fitch, that govern the conduct of Fitch employees. Each employee is personally responsible for maintaining the highest levels of integrity to preserve the trust and confidence of global investors. “Throughout its history, Fitch has established and implemented policies, procedures and internal controls to ensure the objectivity and integrity of its ratings. Fitch’s Code of Conduct summarizes Fitch’s existing policies and procedures designed to ensure the highest standards for Fitch’s ratings. Fitch will promptly disclose any changes to this Code, or to how this Code is implemented and enforced.”

Additional Information on Key 2005 Accomplishments
Recovery Ratings Fitch has created two new rating types; recovery ratings (RR) and issuer default ratings (IDR) Rolled-out through 2005 and Q1 2006, recovery ratings provide investors with information on the two components of credit risk — a benchmark probability of default and a recovery expectation given default These ratings are being consistently applied globally across all corporate, bank, utility and insurance sectors High Yield Recognizing the increased importance of this asset class and growing demand from investors and other market constituents, Fitch formed a group to focus on better serving the high yield market in the Fall of 2004 Fitch currently rates 80 of the top 100 high yield issuers Approximately 1/3 of Fitch's corporate ratings are high yield Over 360 loan assessments were requested and completed in 2005

Covered Bonds Covered bonds are securities issued by financial institutions and secured on a portfolio of assets such as mortgage loans (residential or commercial) and loans to public entities Fitch currently rates the following types of covered bonds Germany’s Hypotheken and Oeffentliche Pfandbrief, Spain's Cedulas Hipotecarias, France's Obligations Foncieres, UK Contractual Covered Bonds, Ireland's Asset Covered Securities, Luxembourg's Lettres de Gage Publiques, Italy's Covered Bonds, Dutch Contractual Covered Bonds Credit Derivatives The use of credit derivatives, and synthetic transactions in particular, reflects a change in behavior by investors and bankers in the capital markets In 2005, Fitch invested in the research and development of new credit derivatives products and services designed to marry the analysis of credit risk and market risk, particularly in the growing market for synthetic CDOs RAPCD announced at Fitch’s Credit Derivatives Conference in New York March 15 Valuspread provides banks and other market participants with prices on credit default swaps direct from leading global market makers

Q Ratings Q-IFS ratings are generated solely using a statistical model that utilizes financial statement information The model incorporates “rating logic” that mirrors many aspects of the quantitative analysis used to assign Fitch’s traditional Insurance Financial Strength ratings, as well as new measures and tools intended to enhance the quantitative parts of Fitch’s traditional analysis Throughout the year, Fitch initiated Q-IFS ratings on 166 insurance and reinsurance companies in France, Germany, the United Kingdom, and the U.S. Fitch assigned ratings to 473 U.S. property/casualty insurance companies and 280 U.S. life insurance companies New Products & Services Bond Compare - allows subscribers to conduct side-by-side evaluations of individual structured finance deals FASTracker - Fitch Alert Surveillance Tracker (FASTracker) - is a portfolio management tool that delivers frequent alerts about new research, press releases, and performance data for structured finance ABCP S.M.A.R.T (Surveillance. Metrics. Analytics. Research. Tools.) provides a detailed and consistent reporting format for U.S. asset backed commercial paper performance data

Algorithmics Incorporated Page

Algorithmics Incorporated Recognized Leadership “The rankings show that Algorithmics' brand is as strong as ever… Algorithmics once again swept the board in terms of risk management." Clive Davidson, Risk Magazine Contributing Editor First In: Basel II Market Risk Credit Risk Collateral Management Op Risk Capital Calculation

Sample Client List Algorithmics Incorporated

Top 10 Strategic Risk Initiatives
Algorithmics Incorporated Risk Initiative Buy side risk management Risk management for hedge funds Economic capital Portfolio credit risk Capital management Credit derivatives Risk data architecture KRI for op risk SOX outside the US Energy risk Financial Insights 2006 = Algorithmics Solutions Algo Risk, Algo Collateral Algo Capital Algo Credit Algo Suite Algo OpVantage Algo Risk

Page.

Similar presentations

Presentation on theme: "Page."— Presentation transcript:

Similar presentations

About project

Feedback

Log in

Auth with social network:

Page.

Similar presentations

Presentation on theme: "Page."— Presentation transcript:

Similar presentations

About project

Feedback