Rating Agency Developments

On January 30, Fitch released its criteria for rating structured finance servicers of various products, including RMBS, CMBS and ABSFitch Report.

On January 30, Fitch released its criteria for rating operational risk of U.S. servicers of RMBS and small balance commercial securities (SBC). Fitch Report. 

On January 30, Moody’s released its methodology for rating securitizations backed by loans granted to small- and medium-sized enterprises (SMEs). Moody’s Report.

On January 30, DBRS released its methodology for rating European covered bonds. DBRS Report.

On January 29, Fitch released its criteria for rating U.S. private student loan ABS. Fitch Report.

On January 29, DBRS released its criteria setting forth the financial ratios and accounting treatments used to analyze non-financial companies. DBRS Report.

On January 28, Fitch released its criteria for rating non-performing loan (NPL) securitizations. Fitch Report.

On January 27, Fitch released its criteria for rating variable-rate demand obligations (VRDOs) and commercial paper (CP) issued with external liquidity support. Fitch Report.

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Rating Agency Developments

On December 24, S&P released its methodology for rating U.S. RMBS Synthetic Risk TransfersS&P Report.

On December 23, S&P released its methodology for rating U.S. RMBS surveillance credit and cash flow analysis for pre-2009 originationsS&P Report.

On December 19, DBRS released its methodology for preferred shares and hybrids for corporate issuers other than financial institutions.  DBRS Report.

On December 17, Moody’s released its methodology for rating ABS backed by equipment leases and loansMoody’s Report.

Note: Free registration is required for rating agency releases and reports.

Rating Agency Developments

On June 29, Moody’s released it consolidated global bank rating methodology. Moody’s Report.

On June 29, DBRS released its global methodology for banks and banking organizations. DBRS Report.

On June 29, Kroll Bond Ratings released its equipment lease and ABS rating methodology. Kroll Report.

Note: Free registration is required for rating agency releases and reports.

Global ABS 2012 Conference

Orrick is an exhibitor sponsor of Global ABS 2012 Conference, which will be hosted by Information Management Network (IMN) at Square Brussels Meeting Center in Brussels, Belgium on June 12-14. More than 3,500 structured finance professionals are expected to attend. The agenda will include, among others, topics such as global regulatory changes that impact securitization; restoring confidence in the ABS markets; and CMBS, RMBS, and real estate and market fundamentals. For more information, please click here.

Global ABS 2012 Conference

Orrick is an exhibitor sponsor of Global ABS 2012 Conference, which will be hosted by Information Management Network (IMN) at Square Brussels Meeting Center in Brussels, Belgium on June 12-14. More than 3,500 structured finance professionals are expected to attend. The agenda will include, among others, topics such as global regulatory changes that impact securitization; restoring confidence in the ABS markets; and CMBS, RMBS, and real estate and market fundamentals. For more information, please click here.

Rating Agency Developments

On April 18, Fitch published criteria for partial-credit guarantees in emerging markets. Fitch Report.

On April 18, S&P updated its criteria for the global midstream energy industry. S&P Release.

On April 17, S&P updated its methodology for reviewing originators of residential mortgage collateral in U.S. RMBS. S&P Release.

On April 17, Fitch updated its 17G-7 representations and warranties report. Fitch Report.  Fitch Release.

On April 17, Fitch updated its global aircraft operating lease ABS criteria. Fitch Report.

On April 16, S&P updated its methodology for U.S. cash flow CDOs of bank trust preferred securities. S&P Release.

On April 16, Fitch updated its U.S. auto loan ABS rating criteria. Fitch Report.

On April 16, Fitch updated its global criteria for onshore wind farm debt instruments. Fitch Report.

On April 13, DBRS released its legal criteria for European structured finance transactions. DBRS Report.

On April 13, S&P updated its assumptions for liquidation timelines in the U.S. residential mortgage market. S&P Release.

Orrick Alert: Jumpstart Our Business Startups (“JOBS”) Act Eases Restrictions on Rule 144A and Private Offerings – ABS Considerations

President Obama signed the Jumpstart Our Business Startups Act (the “Act”) into law on April 5. The Act includes many provisions intended to facilitate capital raising and reduce regulatory burdens for certain types of issuers, but does little for the asset-backed securities market, which continues to grapple with the Dodd-Frank Act and related regulations and the looming specter of Reg AB II.

ABS issuers, underwriters and investors, however, will be interested in the sections of the Act that amend the exempt offering provisions of the Securities Act of 1933 (the “Securities Act”) and direct the Securities and Exchange Commission (the “SEC”) to revise regulations to permit general solicitation and advertising in connection with offerings that are exempt from registration under the Securities Act.  Click here to read more.

Rating Agency Developments – Week of February 21, 2012

On February 15, Fitch updated its criteria for consumer ABS in Latin America. Fitch Report.

On February 10, S&P requested comments by April 6 on its proposed methodology for rating securities backed by imputed promises which do not have plainly stated promises for repayment of principal and/or interest within a specific time period. S&P Release.

Note: Free registration is required for Fitch and S&P releases and reports.

Rating Agency Developments – Week of February 13, 2012

On February 7, DBRS released its methodology for CLOs and CDOs of large corporate credit. DBRS Methodology.

On February 7, DBRS released its Canadian surveillance methodology for CDOs of large corporate credit. DBRS Methodology.

On February 7, DBRS released its cash flow assumptions for corporate credit securitizations. DBRS Methodology.

On February 6, DBRS released its swap criteria for European structured finance transactions. DBRS Methodology.

On February 6, DBRS released its operational risk assessments for European ABS and SME CLO servicers. DBRS Methodology.

On February 6, DBRS released its operational risk assessments for European RMBS servicers. DBRS Methodology.

On February 6, DBRS released its master European structured finance surveillance methodology. DBRS Methodology.

On February 6, DBRS released its legal criteria for European structured finance transactions. DBRS Methodology.