OREANDA-NEWS. Fitch Ratings has updated its criteria report "Recovery Ratings and Notching Criteria for Non-Financial Corporate Issuers".

The report replaces that of the same title dated 12 June 2015. The new version clarifies the notching guidance for unsecured debt of issuers rated in the 'BB' category and above, in particular when prior-ranking liabilities could affect recoveries for unsecured creditors. The report also clarifies Fitch's treatment of concession payments applicable in the case of US issuers.

The update has no immediate rating impact.

The criteria report covers recovery estimates and Recovery Ratings of debt issued by a non-financial corporate issuer whose Issuer Default Rating is in the investment grade, 'BB' category and 'B+' and below rating territories.