Country ceiling ratings reflect Fitch's judgment regarding the risk of capital and exchange controls being imposed by the sovereign authorities that would prevent or materially impede the private sector's ability to convert local currency into foreign currency and transfer to non-resident creditors - transfer and convertibility (T&C) risk.
Given the close correlation between sovereign credit and T&C risks, the country ceiling rating may exhibit a greater degree of volatility than would normally be expected when it lies above the sovereign foreign currency rating.
