hybrid securities

Rating Agency Developments

Posted on

On January 6, DBRS published its methodology for rating European commercial mortgage loans and European CMBS transactions. Report.

On January 4, DBRS published its preferred share and hybrid security criteria for corporate issuers. Report.

On January 4, DBRS published its methodology for rating holding companies and their subsidiaries. Report.

On January 4, DBRS published its methodology for rating CLOs backed by loans to European Small and Medium-Sized Enterprises (SMEs). Report.

On January 4, DBRS published its methodology for rating European RMBS transactions. Report.

On December 31, DBRS published its methodology for rating European structured finance servicers. Report.

On December 31, Moody’s published its rating methodology for investment holding companies and conglomerates. Report.

Rating Agency Developments

Posted on

On July 28, Fitch updated its criteria for rating hybrid securities issued by banks, insurance companies, and non-financial corporate issuers. Fitch Release. Fitch Criteria.

On July 28, Fitch published an exposure draft entitled “Rating Bank Regulatory Capital Securities”, detailing proposed adjustments to its rating criteria for bank-issued hybrid securities and subordinated debt. Fitch Release. Fitch Exposure Draft.

On July 28, Fitch updated its criteria report for Rating Guidelines for Confirming Letter of Credit-Supported Bonds, which replaces the criteria report issued on July 13, 2010. Fitch Release. Fitch Report.

On July 26, Fitch updated its Rating Guidelines for Letter of Credit-Supported Bonds. Fitch Release. Fitch Criteria.

On July 26, Fitch published updated criteria for rating transactions with political risk insurance and letters of credit. Fitch Release.  Fitch Criteria.

On July 26, Moody’s revised its rating methodology for FHA-VA U.S. RMBS transactions. Moody’s Release.

On July 22, S&P revised its rating criteria for all U.S. RMBS transactions that were analyzed using LEVELS. S&P Release.

On July 22, S&P revised its rating criteria for analyzing loans governed by anti-predatory lending laws. S&P Release.

Rating Agency Updates

Posted on

On May 11, S&P released a request for market feedback and comment relating to its methodology for rating local and regional governments outside of the U.S. Comments on the proposed criteria are requested by June 11. S&P Release. 

On May 11, S&P released a proposal to update its methodology and assumptions for rating U.S. state governments. Comments on the proposed criteria are requested by June 11.

On May 12, S&P released its updated criteria for investment earnings assumptions for federal government standalone housing transactions. S&P Release.

 On May 12, S&P released revised recovery assumptions for TruPS or hybrid securities issued by U.S. banks that are held in the collateral portfolios of TruPS CDOS. S&P Release. 

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

Rating Agency Developments

Posted on

On March 26, Fitch issued updated rating criteria for Market Value Structures.  Fitch Release.

On March 31, Fitch released its updated criteria for rating global aircraft operating lease ABS.  Fitch Release.

On March 30, Moody’s requested comments on proposed changes to the way in which it treats hybrid securities when including them in the debt-to-equity and, in some cases, coverage ratios of the companies it rates.  Comments should be sent to Moody’s by April 23.  Moody’s Release.

On March 30, S&P refined its methodology for assessing an insurer’s risk appetite framework.  S&P Release.

Note: Free registration is required for Moody’s, S&P and Fitch releases and reports.