OREANDA-NEWS. Fitch Ratings today published a special report titled 'Fitch Mexico National Ratings 2014 Transition and Default Study'. The study provides transition and default data on the performance of Fitch Mexico national ratings for both corporate finance (including financial and non-financial corporates) and structured finance in 2014 and over the long-term period 2002-2014.

The Mexican National Rating scale provides a relative measure of creditworthiness for rated entities within Mexico. Under this rating scale, an 'AAA(mex)' long-term National Rating will be assigned to the lowest relative risk within the country, which, as in most but not all cases, will be that of the sovereign state.

The National Rating scale merely ranks the degree of perceived risk relative to the lowest default risk in that same country. National Ratings exclude the effects of sovereign and transfer risk and exclude the possibility that investors outside the country may be unable to repatriate any due interest and principal repayments. It is not related to the rating scale of any other national market. National scale ratings are not directly comparable with the international ratings or with national ratings in other countries. Consequently they are identified by the addition of a special identifier for the country concerned, such as 'AAA(mex)' for National Ratings in Mexico.