Rating Agency Developments

On December 12, Moody’s released its methodology for rating intellectual property ABS.  Moody’s Report.

On December 12, Fitch released its criteria for rating pooled multifamily housing bonds.  Fitch Report.

On December 11, Fitch released its criteria for surveillance of existing U.S. CMBS fixed-rate and multi-borrower transactions.  Fitch Report.

On December 9, DBRS issued a request for comment on rating CLOs and CDOs of large corporate credit.  Comments must be received by January 6, 2014.  DBRS Report.

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Rating Agency Developments

On December 2, Moody’s released its updated approach to rating Europe, Middle East and Africa CMBS.  Moody’s Report.

On December 2, DBRS released its methodology for rating U.S. credit card ABSDBRS Report.

On November 28, DBRS released its operational risk assessment procedures for servicers of European Structured Finance (ESF) products.  DBRS Report.

On December 5, Kroll released its request for comment on its proposed methodology for assessing non-Qualified Mortgage risk in U.S. RMBS.  Kroll Request.

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Judge Denies Dexia’s Bid to Dismiss MBS Claims as Time-Barred

On June 6, Judge Shira A. Scheindlin of the U.S. District Court for the Southern District of New York denied Dexia Real Estate Capital Markets’ (Dexia) motion to dismiss breach of contract claims brought by U.S. Bank National Association (U.S. Bank), in its capacity as trustee for a CMBS trust.  U.S. Bank alleges that Dexia breached a representation concerning the enforceability of all agreements related to a particular loan and then refused to repurchase the loan when notified of the breach.  Moving to dismiss, Dexia argued that U.S. Bank’s claim was untimely because it was filed more than 6 years after the governing agreements were entered into and the representation at issue was made.  Rejecting Dexia’s argument, Judge Scheindlin concluded that under the terms of the governing agreements, U.S. Bank was only entitled to make a repurchase demand upon Dexia once a breach had “materially and adversely” affected a loan.  She further found that U.S. Bank’s complaint pled facts sufficient to suggest, in connection with the particular representation breach alleged by U.S. Bank, that there was no material and adverse effect until a 2011 Minnesota state court decision holding that a guaranty securing the loan was unenforceable.  Order.

Rating Agency Developments

On June 13, S&P released its insurance criteria for U.S. and Canadian CMBS transactions.  S&P Report.

On June 13, Fitch released its criteria for assigning short-term ratings for variable-rate demand obligations (VRDOs) or maturing commercial paper (CP) notes based on internal liquidity.  Fitch Report

On June 12, Fitch released its criteria for rating caps and limitations in global structured finance transactions.  Fitch Report

On June 12, DBRS released its methodology for European structured finance transactions.  DBRS Report

On June 11, DBRS released its methodology for CDOs of large corporate credit.  DBRS Report

On June 11, DBRS released its methodology for Canadian structured finance surveillance.  DBRS Report

On June 10, Fitch released its criteria for rating U.S. timeshare loan ABSFitch Report

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On April 26, Fitch released its criteria for U.S. RMBS originator review and third-party due diligence.  Fitch Report. 

On April 24, Fitch released its criteria for rating CMBS in Asia-Pacific.  Fitch Report. 

On April 22, Fitch released its criteria for rating asset managers.  Fitch Report. 

On April 19, Fitch released its criteria for U.S. RMBS cash flow analysis.  Fitch Report. 

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Rating Agency Developments

On November 14, S&P requested comments on its proposal to revise its hybrid capital criteria for corporate issuers.  Comments must be submitted by December 16.  S&P Release. 

On November 14, DBRS published its CMBS North American surveillance methodology.  DBRS Report. 

On November 14, DBRS published its European CMBS rating methodology.  DBRS Report. 

On November 13, Fitch published a report summarizing feedback received on its updated covered bonds rating criteria.  Fitch Report.

On November 13, Fitch updated its corporate recovery ratings criteria.  Fitch Report. 

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Rating Agency Developments

On September 27, Fitch updated its global rating criteria for trade receivables securitizations.  Fitch Report. 

On September 26, S&P requested comment on collateral coverage and issue notching rules for “1+” and “1” recovery ratings on senior bonds secured by utility real property.  S&P Report.     

On September 21, Fitch updated its criteria for analyzing large loans in U.S. CMBS.  Fitch Report. 

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Rating Agency Developments

On September 5, S&P released its methodology for U.S. and Canadian CMBS. S&P Report.

On September 5, S&P released its CMBS global property evaluation methodology.  S&P Report.

On September 5, DBRS released its criteria for holding companies and their subsidiaries.  DBRS Report.

On August 31, DBRS released its solar power project criteria. DBRS Report.

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Rating Agency Developments

On August 9, Fitch updated its UK mortgage loan assumptions.  Fitch Report. 

On August 9, Fitch updated its criteria for UK whole business securitizations.  Fitch Report.

On August 9, S&P updated its methodology for U.S. RMBS backed by pre-2009 collateral.  S&P Report. 

On August 8, Fitch updated its corporate rating methodology.  Fitch Report. 

On August 8, Fitch published its updated insurance-linked securities rating criteria.  Fitch Release.  Fitch Criteria.

On August 8, Fitch updated its criteria for automated valuation models in EMEA RMBS.  Fitch Release.  Fitch Report.

On August 8, Fitch updated its global rating criteria for corporate CDOs.   Fitch Release.  Fitch Report.

On August 8, Fitch updated its rating criteria for currency swap obligations of an SPV in structured finance transactions.  
Fitch Release.  Fitch Report.  

On August 8, Fitch updated its rating criteria for multiborrower U.S. CMBS.  Fitch Release.  Fitch Report.

On August 8, Fitch updated its global rating criteria for distressed debt exchanges.  Fitch Release.  Fitch Report.

On August 7, Fitch issued a special report on risk considerations for REO-to-Rental securitizations.   Fitch Release.  Fitch Report.

On August 7, Fitch updated its rating criteria for prepaid energy transactions.   Fitch Release.  Fitch Report.

On August 7, Fitch updated its mortgage loss assumptions for German RMBS and covered bonds.  Fitch Report.  

On August 3, Fitch updated its U.S. water and sewer revenue bond criteria.  Fitch Report.

On August 3, DBRS updated its methodology for capital call lending facilities.  DBRS Report. 

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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.