credit policy 11 december 2006 www fitchratings com contents executive summary 1 ratings performance to q306 3 global macroeconomic outlook us economic 4 abs non real estate 9 consumer commercial 13 rmbs 18 cmbs 22 european 27 32 33 cdos and derivatives 35 asia pacific structured finance 41 emerging market structure 46 appendix historical 49 2 ratios 51 distressed recovery 52 contributors 53 in this special report fitch sf teams consider the 2007 asset on a sector by basis contrasting with actual first three quarters of background is set commentary outlooks for globally shows 10 sectors improving against 25 declining 38 stable balance driven europe while markets combined have two rating picture more
