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.
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.
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.
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.
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.
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.
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.
On February 3, Fitch updated its global criteria report for non-performing loan transactions. Fitch Report.
On February 2, DBRS released its methodology for North American CRE non-performing loan liquidating trusts. DBRS Report.
On February 1, DBRS released its methodology for Canadian HELOCs. DBRS Report.
On January 31, Fitch updated its private student loan ABS criteria. Fitch Report.
On January 31, Fitch answered frequently asked questions about UK RMBS master trusts. Fitch Report.
On January 30, Fitch updated its criteria on legal uncertainty in emerging market securitizations. Fitch Report.
On January 30, Moody’s released its methodology for municipal bonds and commercial paper supported by a borrower’s self-liquidity. Moody’s Report.
On January 30, Moody’s released its pre-2005 RMBS surveillance methodology. Moody’s Report.
On January 30, DBRS released its methodologies for Canadian auto lease and auto loan securitizations. DBRS Auto Lease Report. DBRS Auto Loan Report.
On January 26, S&P gave advance notice of proposed changes to its U.S. local government general obligation bond criteria. S&P Report.
*Note: Free registration is required for Fitch, Moody’s, and S&P reports.
On February 1, the SEC issued a no-action letter to PNC Bank relating to Rule 15Ga-1 which, pursuant to Section 943 of the Dodd-Frank Act, requires ABS securitizers to disclose repurchase requests. The SEC indicated that it will not recommend enforcement action against a securitizer that does not file repurchase request disclosures with respect to Ginnie Mae MBS under certain circumstances. SEC No-Action Letter. Incoming PNC Request.
On December 9, Moody’s requested comment on proposed changes to its methodology for its RMBS collateral analysis model (MILAN). Moody’s Report.
On December 9, Moody’s requested comment on a framework for stressing house prices in RMBS transactions in EMEA. Moody’s Report.
On December 9, S&P released its U.K. RMBS methodology and assumptions. S&P Release.
On December 9, S&P provided its outlook assumptions for the U.K. residential mortgage market. S&P Release.
On December 9, S&P requested comment on its proposed methodology for assessing when a guarantor’s failure to honor a payment obligation would constitute a default and how this default would affect the guarantor’s issuer credit rating. S&P Release.
On December 8, S&P requested comment on updates to its criteria for assessing temporary investments in rated securities. S&P Release.
On December 6, DBRS released its master U.S. ABS surveillance methodology. DBRS Methodology.
On December 6, DBRS released its U.S. structured settlement ABS methodology. DBRS Methodology.
On December 5, Fitch updated its U.S. residential mortgage servicer advance receivable trust rating criteria. Fitch Report.
On December 5, Fitch updated its criteria for U.S. wireless tower transactions. Fitch Report.
On December 2, Moody’s released its fundamentals of credit analysis for lease-backed municipal obligations. Moody’s Report.
Note: Free registration is required for Moody’s, S&P and Fitch releases and reports.