The suite distills market information into the common language of credit ratings and can be used as a primary input for many portfolio management and optimization, valuation and risk management purposes, it says. The current offering of the market implied ratings consists of a CDS implied ratings model, an equity implied ratings and an equity implied PD model. The Market Implied Ratings suite will help investors monitor signals from equity and derivatives markets, to quantify credit risks and anticipate ratings and price migrations to identify trading opportunities, Fitch said. New Century Financial Corp. took a hit last week when Fitch Ratings downgraded eight classes of New Century Home Equity Loan Trust 2006-S1, of which four were placed on rating watch negative. The rating agency also placed three additional classes rated AAA' on rating watch negative.