The ruling, by stating such payments are optional, creates uncertainty about full and timely payment of special revenue obligations during bankruptcy of the related municipality.

Fitch Ratings

Fitch Ratings Inc. is a jointly owned subsidiary of Hearst Corporation and FIMALAC SA. On April 12, 2012, Hearst increased their stake in the Fitch Group to 50%. Previously, Hearst owned a 40% stake in the company, while FIMALAC was the majority owner with 60% stake. Fitch Ratings and Fitch Solutions are part of the Fitch Group. Fitch Ratings is dual-headquartered in New York, USA, and London, UK. It was one of the three nationally recognized statistical rating organizations designated by the U.S. Securities and Exchange Commission in 1975, together with Moody's and Standard & Poor's, and the three are commonly known as the "Big Three credit rating agencies". The firm was founded by John Knowles Fitch on December 24, 1913 in New York City as the Fitch Publishing Company. It merged with London-based IBCA Limited in December 1997. In 2000 Fitch acquired both Chicago-based Duff & Phelps Credit Rating Co. and Thomson Financial BankWatch.

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