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National ratings were developed for use mainly in emerging markets with non-investment grade or low-investment grade sovereign ratings. With little or no default history in these markets, National ratings were designed to indicate relative creditworthiness only. By making available a complete range of notches on a separate National scale, they permit more credit differentiation than is possible on the International scale.
The relationship between the National and International local currency ratings assigned within a single jurisdiction is not rigid. By definition, a notch on the International scale usually corresponds to several notches on the National scale and the relationship between the two scales may change over time, as more entities are rated or the sovereign rating changes. Not every entity will be rated on both scales. However, the principle of consistent rating relativities will hold.
Fitch maintains internal mapping tables that document the current relationship that exists between the National and International local currency ratings in each jurisdiction where we maintain a National rating scale in order to serve as a tool for analysts. Where our National rating coverage exceeds a minimum threshold and there is external demand, these mappings will be published on this site.
These tables, which are updated regularly, indicate the median International local currency rating that had been assigned to each National scale rating within a jurisdiction, and are derived from those entities that have both an International local currency and a National rating, including both public and private ratings. For the rating levels marked with an asterisk (*), there were no issuers rated on both scales at the time of the last update.
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