ABOUT FITCH

The History of Fitch Ratings

Fitch Ratings was founded as the Fitch Publishing Company on December 24, 1913 by John Knowles Fitch. Located in the heart of the Financial District in New York City, the Fitch Publishing Company began as a publisher of financial statistics whose consumers included the New York Stock Exchange. Soon, Fitch Publishing Company became the recognized leader in providing critical financial statistics to the investment community through such publications as the "Fitch Bond Book" and the "Fitch Stock and Bond Manual".

In 1924, the Fitch Publishing Company introduced the now familiar "AAA" to "D" ratings scale to meet the growing demand for independent analysis of financial securities. The company's ratings scale, coupled with in-depth analysis by a staff of investment experts, quickly became recognized as the benchmark by which the financial community based fixed-income investment decisions.

Fitch Ratings was one of the three ratings agencies first recognized as a nationally recognized statistical rating organization (NRSRO) by the Securities and Exchange Commission in 1975.

In 1989, Fitch Ratings was recapitalized under a new management team and has since experienced dramatic growth. Throughout the 1990s, Fitch Ratings grew in all areas, including the new group of structured finance, by providing investors with original research, clear explanations of complex credits, and more rigorous surveillance than the other ratings agencies.

In 1997, Fitch Ratings merged with IBCA Limited, headquartered in London, significantly increasing Fitch Ratings' worldwide presence and coverage in banking, financial institutions, and sovereigns. Through the merger with IBCA, Fitch Ratings became owned by Fimalac S.A., a holding company which acquired IBCA in 1992. The merger represented the first step in Fitch Ratings' plan to meet investors' need for an alternative global, full service rating agency.

The next step towards building Fitch Ratings into a global competitor was the acquisition of Duff & Phelps Credit Rating Co., headquartered in Chicago, in April 2000. This was followed by the acquisition later that year of the rating business of Thomson Financial BankWatch. These acquisitions strengthened Fitch Ratings' coverage in the corporate, financial institution, insurance and structured finance sectors, as well as adding a significant number of international offices and affiliates.

Today, Fitch Ratings is a global rating agency dedicated to providing the world's credit markets with independent and prospective credit opinions, research, and data. As a result of Fitch Ratings' growth and acquisitions, it today has over 2,100 professionals at its 49 worldwide offices. Fitch Ratings is dual-headquartered in New York and London.