Fitch Ratings

Fitch Ratings Inc. is an American credit rating agency and is one of the "Big Three credit rating agencies", the other two being Moody's and Standard & Poor's. It is one of the three nationally recognized statistical rating organizations designated by the U. S. Securities and Exchange Commission in 1975. Fitch Ratings is dual headquartered in New London. Hearst owns 100 percent of the company following its acquisition of an additional 20 percent for $2.8 billion on April 12, 2018. Hearst had owned 80 percent of the company after increasing its ownership stake by 30 percent on December 12, 2014, in a transaction valued at $1.965 billion. Hearst's previous equity interest was 50 percent following expansions on an original acquisition in 2006. Hearst had jointly owned Fitch with FIMALAC SA, which held 20 percent of the company until the 2018 transaction. Fitch Ratings and Fitch Solutions are part of the Fitch Group; the firm was founded by John Knowles Fitch on December 24, 1914, in New York City as the Fitch Publishing Company.

In 1989, the company was acquired by a group including Robert Van Kampen. In 1997, Fitch was acquired by FIMALAC and was merged with London-based IBCA Limited, a FIMALAC subsidiary. In 2000 Fitch acquired both Chicago-based Duff & Phelps Credit Rating Co. and Thomson Financial BankWatch. Fitch Ratings is the smallest of the "big three" NRSROs, covering a more limited share of the market than S&P and Moody's, though it has grown with acquisitions and positions itself as a "tie-breaker" when the other two agencies have ratings similar, but not equal, in scale. In September 2011, Fitch Group announced the sale of Algorithmics to IBM for $387 million; the deal closed on October 21, 2011. Fitch Ratings' long-term credit ratings are assigned on an alphabetic scale from'AAA' to'D', first introduced in 1924 and adopted and licensed by S&P. Like S&P, Fitch uses intermediate +/− modifiers for each category between AA and CCC. Investment grade AAA: the best quality companies and stable AA: quality companies, a bit higher risk than AAA A: economic situation can affect finance BBB: medium class companies, which are satisfactory at the momentNon-investment grade BB: more prone to changes in the economy B: financial situation varies noticeably CCC: vulnerable and dependent on favorable economic conditions to meet its commitments CC: vulnerable speculative bonds C: vulnerable in bankruptcy or in areas but still continuing to pay out on obligations D: has defaulted on obligations and Fitch believes that it will default on most or all obligations NR: not publicly rated Fitch's short-term ratings indicate the potential level of default within a 12-month period.

F1+: best quality grade, indicating exceptionally strong capacity of obligor to meet its financial commitment F1: best quality grade, indicating strong capacity of obligor to meet its financial commitment F2: good quality grade with satisfactory capacity of obligor to meet its financial commitment F3: fair quality grade with adequate capacity of obligor to meet its financial commitment but near term adverse conditions could impact the obligor's commitments B: of speculative nature and obligor has minimal capacity to meet its commitment and vulnerability to short term adverse changes in financial and economic conditions C: possibility of default is high and the financial commitment of the obligor are dependent upon sustained, favorable business and economic conditions D: the obligor is in default as it has failed on its financial commitments. Launched in 2008, Fitch Solutions offers a range of fixed-income products and professional development services for financial professionals; the firm distributes Fitch Ratings' proprietary credit ratings, financial data, analytical tools.

The main credit rating agencies, including Fitch, were accused of misrepresenting the risks associated with mortgage-related securities, which included the CDO market. There were large losses in the collateralized debt obligation market that occurred despite being assigned top ratings by the CRAs. For instance, losses on $340.7 million worth of collateralized debt obligations issued by Credit Suisse Group added up to about $125 million, despite being rated AAA by Fitch. However, differently from the other agencies, Fitch has been warning the market on the constant proportion debt obligations with an early and pre-crisis report highlighting the dangers of CPDO's. FIMALAC Kroll Bond Rating Agency List of countries by credit rating Moody's Investors Service Spread Research Standard and Poor's Fitch Ratings Fitch Solutions Fitch Learning U. S. Credit: Fitch Ratings

Parametric search

In the design and analysis of algorithms for combinatorial optimization, parametric search is a technique invented by Nimrod Megiddo for transforming a decision algorithm into an optimization algorithm. It is used for solving optimization problems in computational geometry; the basic idea of parametric search is to simulate a test algorithm that takes as input a numerical parameter X, as if it were being run with the optimal solution value X ∗ as its input. This test algorithm is assumed to behave discontinuously when X = X ∗, to operate on its parameter X only by simple comparisons of X with other computed values, or by testing the sign of low-degree polynomial functions of X. To simulate the algorithm, each of these comparisons or tests needs to be simulated though the X of the simulated algorithm is unknown. To simulate each comparison, the parametric search applies a second algorithm, a decision algorithm, that takes as input another numerical parameter Y, that determines whether Y is above, below, or equal to the optimal solution value X ∗.

Since the decision algorithm itself behaves discontinuously at X ∗, the same algorithm can be used as the test algorithm. However, many applications use other test algorithms. Advanced versions of the parametric search technique use a parallel algorithm as the test algorithm, group the comparisons that must be simulated into batches, in order to reduce the number of instantiations of the decision algorithm. In the most basic form of the parametric search technique, both the test algorithm and the decision algorithms are sequential algorithms the same algorithm as each other; the technique simulates the test algorithm step by step, as it would run when given the optimal solution value as its parameter X. Whenever the simulation reaches a step in which the test algorithm compares its parameter X to some other number Y, it cannot perform this step by doing a numerical comparison, as it does not know what X is. Instead, it calls the decision algorithm with parameter Y, uses the result of the decision algorithm to determine the output of the comparison.

In this way, the time for the simulation ends up equalling the product of the times for the test and decision algorithms. Because the test algorithm is assumed to behave discontinuously at the optimal solution value, it cannot be simulated unless one of the parameter values Y passed to the decision algorithm is equal to the optimal solution value; when this happens, the decision algorithm can detect the equality and save the optimal solution value for output. If the test algorithm needs to know the sign of a polynomial in X, this can again be simulated by passing the roots of the polynomial to the decision algorithm in order to determine whether the unknown solution value is one of these roots, or, if not, which two roots it lies between. An example considered both by Megiddo and van Oostrum & Veltkamp concerns a system of an odd number of particles, all moving rightward at different constant speeds along the same line; the median of the particles will have a rightward motion, but one, piecewise linear rather than having constant speed, because different particles will be the median at different times.

The particles, their median, are to the left of the origin of the line, they and their median will all be to the right of the origin. The problem is to compute the time t 0 at which the median lies on the origin. A linear time decision algorithm is easy to define: for any time t, one can compute the position of each particle at time t and count the number of particles on each side of the origin. If there are more particles on the left than on the right t < t 0, if there are more particles on the right than on the left t > t 0. Each step of this decision algorithm compares the input parameter t to the time that one of the particles crosses the origin. Using this decision algorithm as both the test algorithm and the decision algorithm of a parametric search leads to an algorithm for finding the optimal time t 0 in quadratic total time. To simulate the decision algorithm for parameter t 0, the simulation must determine, for each particle, whether its crossing time is before or after t 0, therefore whether it is to the left or right of the origin at time t 0.

Answering this question for a single particle – comparing the crossing time for the par

Kip Young

Kip Lane Young is a former baseball player. A right-handed pitcher, Young played Major League Baseball with the Detroit Tigers in 1978 and 1979; as a rookie in 1978, he pitched complete-game victories in his first four starts and compiled a 2.81 earned run average for the season. Before his professional career began, Young played college baseball at Bowling Green State University where he won 37 games to set a Mid-American Conference record. Young was born in Georgetown, Ohio, in 1954, he attended Whiteoak High School in Mowrystown, graduating in 1972. He enrolled at Bowling Green State University and was named to the All-Mid-American Conference baseball team for three consecutive years, he twice won 11 games in a season, his 37 career wins established a MAC record. He compiled a 1.02 ERA in 1974. His 232 strikeouts and 295 innings pitched are Bowling Green records, he was inducted to the Bowling Green Athletic Hall of Fame in 1976. Young was drafted by the Tigers in the 23rd round of the 1976 Major League Baseball June Amateur Draft.

He spent the 1976 season with the Lakeland Tigers where he compiled a 4-2 record and 2.78 earned run average. He began the 1977 with the Double-A Montgomery Rebels where he compiled a 5-2 record and 3.20 ERA. He was promoted to the Triple-A Evansville Triplets in the middle of the 1977 season and went 4-4 with a 4.03 ERA. Young began the 1978 season in Evansville. By July, he had an 11-3 record in 20 starts with 3.02 ERA. Young's strong showing at Evansville led to a call from the Tigers, he made his major league debut in July 1978. In his first four starts, he pitched four complete games: a 4-1 victory over the Oakland As on July 24 in which he retired the last 12 batters he faced. After the fourth victory, the crowd of 30,515 demanded a curtain call from Young who obliged and noted, "I can't 100 per cent believe what's happening." Young was billed as the Tigers' third rookie pitching prodigy in three years, following Mark Fidrych in 1976 and Dave Rozema in 1977. Interviewed in mid-August, he noted: "Staying consistent, that's the thing....

I don't want to be remembered as a guy who pitched three or four good games didn't pitch well the rest of the year."In his fifth start, Young gave up three runs in seven innings and lost to the Royals. His strong pitching continued with eight consecutive quality starts, at that time tied for the second longest streak in Tigers' history -- trailing only Tommy Bridges' nine-game streak in 1942. Young finished the 1978 season with a 6 -- a 2.81 ERA in 14 games. Young started the 1979 season pitching well during spring training, he had a string of 12 scoreless innings in March and was the team's "most impressive starter." After a strong showing in spring training, Young began the season as part of the Tigers' four-man starting rotation along with Dave Rozema, Jack Billingham, Milt Wilcox. In four starts, Young struggled to a 9.60 ERA. On May 9, the Tigers sent him back to Evansville to make room for yet another promising rookie Jack Morris. At the time, Young took responsibility for pitching himself out of a job, noting, "My changeup is not there like it was last year.

I never threw so many high changeups in my life.... I'm just disgusted with what's been happening."In his first start after being sent to Evansville, Young pitched a one-hitter. In mid-June, Tiger starter Dave Rozema was put on the disabled list, Young was recalled to the Tigers having won three of six decisions with a 3.60 ERA. However, with Sparky Anderson now the Tigers' new manager, Young never figured prominently in the club's plans, he was demoted again to Evansville on July 25 and before being recalled for a final stint in the majors in September. Young pitched in his final major league game on September 26, 1979, he finished the season with a 6.39 in 43-2/3 inning pitched. On November 21, 1979, the Tigers sold Young to the Spokane Indians, the Triple-A farm club of the Seattle Mariners. Young did not make the Mariners' major league roster, appeared in only four games for Spokane, compiling a 7.07 ERA in 14 innings pitched. He was acquired by the Triple-A Indianapolis Indians in late May 1980.

He remained with Indianapolis at the start of the 1981 season. He started 26 games for Indianapolis in 1981, compiling a 10-12 record and 4.04 ERA. At the start of the 1982 season, Young, at age 27, acknowledged he had been close to giving up on his pitching career, but was still not ready to quit: "First of all, I still love the game of baseball and if I didn't think I could still pitch I wouldn't be in the game. Second of all, I still think I can pitch in the big leagues if given a chance."Young finished the 1982 season, his professional baseball career, with the Toledo Mud Hens in the Minnesota Twins farm system. He started 15 games for Toledo and compiled a 6-5 record and 4.61 ERA. In the spring of 1983, Toledo did not offer Young a contract, he noted at the time: "It's amazing. Not too long ago, I was supposed to be one of the top young pitchers in Detroit the next year I'm nobody, but that's baseball, worth a million one day and a dime the next." After his retirement from baseball, Young became a physical education teacher for the Eastern-Local School District in Brown County, Ohio.

Young has since retired from this position, as well. Career statistics and player information from Baseball-Reference, or Baseball-Reference