Fitch Ratings Updates Oil-Vessel Backed Financing Rating Criteria; No Rating Impact
Fitch Ratings has published an updated criteria report for rating oil-vessel-backed financing. It replaces the prior version published Feb. 4, 2020.
The report outlines Fitch’s criteria for rating transactions backed by long-term charter and services agreements related to offshore vessels used in the production stage. The asset types currently include floating-production storage and offloading units and shuttle tankers.
Fitch has clarified its view on the interaction with other criteria, specifically the Structured Finance and Covered Bonds Country Risk Rating criteria. Fitch has also incorporated additional sensitivity scenarios to its rating assumption sensitivities. Overall, there have been no substantial changes from the previous version on Fitch’s approach, and therefore, Fitch expects no impact on existing ratings.
Source: Fitch Ratings