A plaque remaining from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem.

Above, a 1934 plaque from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem. Discarded as trash in 2006.

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Entry from October 15, 2013
Fitchslap or Fitch Slap (Fitch + bitch slap)

Fitch Ratings is one of the “big three” credit rating agencies. An entity that is downgraded by Fitch is said to have been “Fitchslapped” or “Fitch slapped” (Fitch + bitch slap). In October 2011, Italy was said to have been “Fitchslapped.” On October 15, 2013, the financial blog Zero Hedge published the headline, “Fitchslapped: French Rating Agency Puts US AAA Rating On Negative Watch.”

“Goldman Sachs Shrugs Off Fitch Slap” by Tiernan Ray was published in Barron’s on May 5, 2010. The blog The Reformed Broker made “Fitch-slapped” an honorable mention on its list of “Top Twenty Financial Words of 2011.”


Wikipedia: Fitch Ratings
Fitch Ratings Inc is a jointly owned subsidiary of Hearst Corporation and FIMALAC SA. On April 12, 2012, Hearst increased their stake in the Fitch Group to 50%. Previously, Hearst owned a 40% stake in the company, while FIMALAC was the majority owner with 60% stake.  Fitch Ratings and Fitch Solutions are part of the Fitch Group.

Fitch Ratings is dual-headquartered in New York, USA, and London, UK. It was one of the three nationally recognized statistical rating organizations (NRSRO) designated by the U.S. Securities and Exchange Commission in 1975, together with Moody’s and Standard & Poor’s, and the three are commonly known as the “Big Three credit rating agencies”.

The firm was founded by John Knowles Fitch on December 24, 1913 in New York City as the Fitch Publishing Company. It merged with London-based IBCA Limited in December 1997. In 2000 Fitch acquired both Chicago-based Duff & Phelps Credit Rating Co. (April) and Thomson Financial BankWatch (December). 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 frequently positions itself as a “tie-breaker” when the other two agencies have ratings similar, but not equal, in scale.

Wiktionary: bitch slap
Noun
bitch slap
(plural bitch slaps)
1. (slang, vulgar) An open-handed slap to the face; see usage notes below.
Usage notes
. The term has different connotations for different speakers; it is often used to refer to an especially strong or completely unexpected slap, but some speakers consider bitch slap to refer only to a weak slap (expressing mild contempt, as though the person being slapped is too weak to be given a strong slap). This would distinguish it from the stronger pimp slap.
. Due to the inclusion of the word bitch, this term is often considered misogynistic.

Barron’s
May 5, 2010, 11:24 A.M. ET
Goldman Sachs Shrugs Off Fitch Slap
By Tiernan Ray
Shares of Goldman Sachs (GS) fell a few pennies but snapped back immediately after Fitch Ratings affirmed its A+/F1+ rating on the company this morning but said it had revised its outlook on the company to “Negative.”

Twitter
Nicola Duke
‏@NicTrades
Greek banks Fitch slapped
6:55 AM - 14 Jul 11

Twitter
Gtotoy
‏@gtotoy
Italy gets Fitchslapped $$
9:07 AM - 7 Oct 11

Twitter
George Acs
‏@TheAcsMan
In international banking circles, the downgrade of Italian debt is referred to as a #FitchSlap
10:03 AM - 7 Oct 11

The Reformed Broker
Top Twenty Financial Words of 2011
Joshua M Brown December 7th, 2011
(...)
The below received honorable mention, let’s hope none of them carry over and are still relevant in 2012…

Peripheral, Hopium, Headline Risk, Headline Driven, Macro Driven, SiFi (Systemically Important Financial Institution), Fitch-slapped, Operation Twist, Rajaratnam, MF’d, Corzined, Sovereign Debt, Uncertainty, Osama Top, Leverage, Repos, Eurozone, Kicking the Can, F*ckery (a fave of traders), Ringfence, Risk Parity, Range-bound, Schadenfreude.

Twitter
tradingpoints
‏@tradingpoints
@chewtonic Market gets a little Fitch Slap TM are predicting new highs on the bonds & now you with the 1000 S&P ? breathe, baby steps
4:40 AM - 22 Mar 12

Zero Hedge
Fitchslapped: Italy Downgraded To BBB+ (Outlook Negative)
Submitted by Tyler Durden on 03/08/2013 13:19 -0400
The France-based ratings agency has just joined China’s Dagong, and US Moody’s by Fitch-slapping Italy with a BBB ratings handle. Citing four main reasons: election results which and ‘non-conducive’ for further structural reforms, deeper than expected recession, greater than expected budget deficits, and a weak government less able to respond to shocks. But apart from all that, as we noted earlier, Italian stocks and bonds are bid.

Zero Hedge
Fitchslapped: French Rating Agency Puts US AAA Rating On Negative Watch - Full Statement
Submitted by Tyler Durden on 10/15/2013 16:49 -0400
So what exactly did Reid know and when?

*UNITED STATES’ AAA IDR RATING MAY BE CUT BY FITCH :3352Z US
FITCH SAYS PUTS U.S. ON RATING WATCH NEGATIVE AS U.S. AUTHORITIES HAVE NOT RAISED FEDERAL DEBT CEILING IN A “TIMELY MANNER
*FITCH STILL SEES U.S. DEBT CEILING TO BE RAISED SOON :3352Z US
*FITCH SEES RESOLVING US RWN BY END OF 1Q ‘14 AT LATEST
*FITCH STILL SEES U.S. DEBT CEILING TO BE RAISED SOON :3352Z US
*FITCH SEES U.S. ECONOMIC GROWTH REVERTING TO 2.25% AFTER 2017

Posted by Barry Popik
New York CityBanking/Finance/Insurance • Tuesday, October 15, 2013 • Permalink