Fitch: Bond default doesn't mean it erred on rating

05/8/2013 | Bloomberg

Fitch Ratings says that a bond's defaulting is no reflection on the grade it issued for that bond. "[D]efault is a possibility at each and every level of the rating scale," Jeremy Carter and other analysts wrote in a report. Fitch says its grades shouldn't be used to determine default rates, only the "relative vulnerability to default."

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