European structured finance

Rating Agency Developments

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On April 6, 2016, DBRS published its methodology for rating European structured finance transactions.

On April 6, 2016, DBRS published its methodology for ratings in the forest products industry. Report.

On April 6, 2016, DBRS published its methodology for ratings in the engineering and construction industry. Report.

On April 6, 2016, DBRS published its methodology for ratings in the industrial products industry. Report.

On April 5, 2016, Fitch updated its recovery ratings and notching criteria for non-financial corporate issuers. Release.

On April 5, 2016, Fitch published an updated report on rating criteria for letter of credit supported bonds and commercial paper. Report.

On April 5, 2016, Fitch published surveillance criteria for trust preferred CDOs. Report.

On April 1, 2016, Fitch updated its EMEA RMBS rating criteria. Release.

On March 31, 2016, S&P published its methodology and assumptions for rating North American single-tenant real estate triple-net lease-backed securitizations.  Report.

On March 31, 2016, Fitch updated its global criteria for rating wind power projects. Release.

Rating Agency Developments

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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 ABS.  DBRS 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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Rating Agency Developments

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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 ABS.  Fitch Report. 

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Rating Agency Developments

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On November 29, S&P released its counterparty risk framework methodology.  S&P Release.

On November 29, S&P released its criteria for stressing foreign currency risk in unhedged or partially hedged structured finance transactions.  S&P Release.

On November 28, DBRS released its methodology for mapping financial institutional internal ratings to DBRS ratings for global structured credit transactions.  DBRS Report. 

On November 27, Fitch published a report on rating U.S. municipal short-term debt.  Fitch Report. 

On November 27, Fitch released its guidelines for rating cash pools using money market fund criteria.  Fitch Release. 

On November 27, DBRS released its operational risk assessment for European structured finance servicers.  DBRS Report. 

On November 26, DBRS released its commercial paper liquidity support criteria for corporate non-bank issuers.  DBRS Report.

On November 26, S&P updated its methodology for rating multilateral lending institutions and other nonbank supranational institutions.  S&P Report.

On November 22, DBRS released its criteria for public-private partnerships.  DBRS Report. 

On November 21, Moody’s released its approach for securities backed by Brazilian consumer assets.  Moody’s Report.

On November 16, S&P updated its criteria for evaluating geographic concentration in U.S. RMBS mortgage pools.  S&P Report.

Rating Agency Developments

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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.

Rating Agency Developments

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On August 25, S&P published its methodology and assumptions for surveilling rated U.S. RMBS transactions backed by reverse mortgages. S&P Release. 

On September 1, Moody’s updated its methodology for the way it assigns ratings to jointly supported letter of credit-backed debt in the U.S. municipal market. Moody’s Release. 

On September 1, Moody’s announced that it will immediately begin communicating credit estimates to managers of EMEA CLOs using an updated conversion of credit estimates to rating factors. Moody’s Release. 

On September 2, DBRS requested comments on proposed rating methodology for the Master European Granular Corporate Securitizations (SME CLOs).  Comments should be received by September 30. DBRS Release.

On September 1, DBRS requested comments on proposed rating methodology for the Unified Interest Rate Model, which is designed to provide a consistent platform for suggesting interest rate stresses to be applied across all rating submissions.  Comments should be received by October 29. DBRS Release.

On August 27, DBRS requested comments on proposed legal criteria for European structured finance transactions.  Comments should be received by September 30. DBRS Release.

On August 30, DBRS requested comments on proposed surveillance methodology for European securitizations.  Comments should be received by October 29. DBRS Release. 

On August 30, DBRS requested comments on proposed rating methodology for European consumer ABS transactions.  Comments should be received by October 29. DBRS Release.

On August 30, DBRS requested comments on proposed rating methodology for European RMBS transactions.  Comments should be received by October 29. DBRS Release. 

On August 31, DBRS requested comments on proposed rating methodology for European CMBS transactions.  Comments should be received by September 30. DBRS Release. 

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