Fitch Ratings reports that it has been making a variety of reforms designed to enhance the quality and transparency of its credit ratings and to restore confidence and credibility among market participants.

The credit rating agency says that it has been making changes to policies, procedures and organization and continues to engage in dialogue with policy makers, regulators and other market participants (both individually and in conjunction with the other credit rating agencies) on various proposed modifications to the spectrum of regulatory frameworks.

“As the turmoil in the global credit markets has developed over the last year, Fitch has focused primarily on ensuring the quality and appropriateness of its credit analytics,” said Fitch president and CEO Stephen Joynt. “Some of the initiatives Fitch has undertaken in recent months include extensive rating reviews, updates to methodologies and models, deterministic stress analyses, and publishing timely and relevant research.”