Fitch has announced that it is to be considered as one of the eligible rating agencies in connection with the Canadian Secured Credit Facility (CSCF). The CSCF involves the federal government purchasing term ABS backed by loans and leases on vehicles and equipment, with an allocation of up to C$12bn, to help restart the ABS market in Canada.

Under the programme, all ABS that are backed by assets originated by large and small enterprise originators must be rated triple-A by any two of DBRS, Fitch, Moody's or S&P. The relevant paragraphs of the CSCF Amended Program Outline and the Commitment Letters will be amended to reflect this update.