Moody’s

Rating Agency Developments

 

On March 22, 2017, DBRS issued a report entitled DBRS Criteria: Commercial Paper Liquidity Support for Non‑Bank Issuers. Report.

On March 22, 2017, Fitch issued a report entitled Fitch Updates US RMBS Seasoned, Re-Performing, and Non‑Performing Loan Rating Criteria. Release.

On March 22, 2017, Moody’s issued a report entitled Construction Industry. Report.

On March 20, 2017, Fitch issued a report entitled Fitch Updates SF and CvB Counterparty Criteria and Addendum. Release.

On March 16, 2017, DBRS issued a report entitled DBRS Criteria: Support Assessments for Banks and Banking Organisations. Report.

On March 16, 2017, DBRS issued a report entitled General Corporate Methodology. Report.

On March 16, 2017, DBRS issued a report entitled North American Single-Asset/Single-Borrower Methodology. Report.

On March 16, 2017, DBRS issued a report entitled Rating Companies in the Canadian Grain Handling Industry. Report.

On March 16, 2017, Fitch issued a report entitled Fitch Updates Single- and Multi-Name Credit Linked Notes Rating Criteria. Release.

On March 16, 2017, Moody’s issued a report entitled Global Alcoholic Beverage Industry. Report.

On March 16, 2017, Moody’s issued a report entitled Regulated Electric and Gas Networks. Report.

Rating Agency Developments

 

On March 8, 2017, Fitch issued a report entitled U.S. Auto Lease ABS Rating Criteria. Report.

On March 7, 2017, DBRS issued a report entitled Mapping Financial Institution Internal Ratings to DBRS Ratings for Global Structured Credit Transactions. Report.

On March 7, 2017, Fitch issued a report entitled National Scale Ratings Criteria. Report.

On March 7, 2017, Moody’s updated its rating criteria for variable rate instruments supported by conditional liquidity facilities. Report.

On March 6, 2017, Fitch issued a report entitled Criteria for Analyzing Multiborrower U.S. and Canadian Commercial Mortgage Transactions. Report.

On March 6, 2017, Moody’s updated its rating criteria for gas prepayment bonds. Report.

On March 3, 2017, DBRS issued a report entitled Rating Public-Private Partnerships. Report.

On March 3, 2017, Fitch issued a report entitled SME Balance Sheet Securitisation Rating Criteria. Report.

On March 3, 2017, Fitch issued a report entitled North America and Asia-Pacific Multiborrower CMBS Surveillance Criteria. Report.

On March 2, 2017, DBRS issued a report entitled Rating Sports Franchises and Stadium Financings. Report.

Rating Agency Developments

 

On February 22, 2017, DBRS issued a report entitled DBRS Criteria: Recovery Ratings for Non‑Investment Grade Corporate Issuers. Report.

On February 22, 2017, DBRS issued a report entitled Rating Companies in the Services Industry. Report.

On February 22, 2017, DBRS issued a report entitled Rating Companies in the Industrial Products Industry. Report.

On February 22, 2017, Moody’s issued a report entitled Securities Industry Service Providers. Report.

On February 22, 2017, Moody’s issued a report entitled Securities Industry Market Makers. Report.

On February 21, 2017, DBRS issued a report entitled DBRS Criteria Commercial Paper Liquidity Support for Non‑Bank Issuers. Report.

On February 17, 2017, Fitch issued a report entitled Latin America RMBS Rating Criteria. Report.

On February 17, 2017, Fitch issued a report entitled Structured Finance and Covered Bonds Interest Rate Stresses Rating Criteria. Report.

On February 16, 2017, DBRS issued a report entitled DBRS Criteria: Rating Principal Protected Market‑Linked Securities. Report.

Rating Agency Developments

 

On January 31, 2017, Moody’s updated its U.S. RMBS surveillance methodology. Report.

On January 31, 2017, Moody’s updated its rating methodology for rated issuers in the telecommunications service provider industry globally. Report.

On January 27, 2017, Moody’s revised its approach to assessing credit risk for companies in the soft beverage industry globally. Report.

On January 27, 2017, S&P released an advance notice of proposed criteria changes for rating U.S. residential mortgage-backed securities (RMBS). Report.

Rating Agency Developments

 

On January 23, 2017, DBRS issued a report entitled North American CMBS Rating Methodology. Report.

On January 23, 2017, DBRS issued a report entitled Rating U.S. Federal Family Education Loan Program Securitizations. Report.

On January 23, 2017, Moody’s issued a report entitled Global Packaged Goods. Report.

On January 23, 2017, Moody’s issued a report entitled Global Pay Television – Cable and Direct-to-Home Satellite Operators. Report.

On January 20, 2017, DBRS issued a report entitled Master European Structured Finance Surveillance Methodology. Report.

Rating Agency Developments

 

On January 18, 2017, Moody’s issued a report entitled Hybrid Equity Credit. Report.

On January 17, 2017, DBRS issued a report entitled Rating North American CMBS Interest‑Only Certificates – Request for Comment. Report.

On January 17, 2017, Fitch issued a report entitled Fitch Publishes Updated Global Dealer Floorplan Rating Criteria. Release.

On January 17, 2017, Fitch issued a report entitled Fitch Updates Criteria for Variable-Rate Demand Obligations and Commercial Paper. Release.

On January 13, 2017, DBRS issued a report entitled Structured Finance Flow‑Through Ratings. Report.

On January 13, 2017, Fitch issued a report entitled Fitch Updates Rating Investment Holding Companies Criteria. Report.

On January 10, 2017, DBRS published its ratings methodology for European CMBS. Report.

On January 9, 2017, Moody’s published its ratings methodology for fleet lease‑backed ABS. Report.

On January 9, 2017, Fitch updated its ratings criteria for pre‑refunded U.S. municipal bonds. Report.

On January 5, 2017, Fitch updated its asset analysis criteria for covered bonds and CDOs of public entities. Report.

Moody’s to Pay $864 Million to U.S. Department of Justice & 21 States in Credit Rating Settlement

 

On January 13, 2017, Moody’s Corporation agreed to pay $864 million in a settlement with the U.S. Department of Justice and 21 states in connection with the ratings agency’s credit rating work on residential mortgage‑backed securities and other products during the years leading up to the financial crisis. The settlement is comprised of a $437.5 million payment to the Department of Justice and $426.3 million to 21 states. The Statement of Facts accompanying the Settlement Agreement states that from 2004‑2010, Moody’s issued credit ratings of RMBS and CDOs, but that there were potential conflicts of interest in Moody’s “issuer‑fee‑based” business model, in which issuers paid Moody’s for their credit opinions. The settlement agreement does not constitute sanctions “for any act or practice of Moody’s.” In accordance with the settlement agreement, Moody’s agrees to maintain and adopt certain compliance measures that “promote the integrity and independence of Moody’s credit ratings” for a period of five years. Settlement Agreement. Statement of Facts. Moody’s Compliance Commitments.

Rating Agency Developments

 

On December 7, 2016, Moody’s published its ratings methodology for sustainable net cash flow and value for CMBS and CRE CDO CLO real estate collateral in the Americas and ex-Japan Asia Pacific. Report.

On December 6, 2016, DBRS published its methodology for rating European covered bonds. Report. Addendum.

On December 1, 2016, DBRS updated its master ratings methodology for U.S. asset-backed securitizations (“ABS“). Report.

On December 1, 2016, DBRS updated its ratings methodology for U.S. structured finance transactions. Report.

On December 1, 2016, DBRS updated its methodology for evaluating U.S. ABS originators. Report.

On December 1, 2016, DBRS updated its methodology for evaluating U.S. ABS servicers. Report.

On December 1, 2016, Fitch updated its U.S. RMBS master rating criteria. Report.

On December 1, 2016, Fitch updated and merged its ratings criteria for analyzing U.S. RMBS backed by seasoned performing, re‑performing and non‑performing loans purchased in the secondary market and issued starting in 2014. Report.

On December 1, 2016, Fitch updated its global consumer ABS rating criteria for analyzing ABS backed by consumer receivables globally. Report.

On December 1, 2016, Fitch updated its ratings criteria for analyzing large loans in CMBS. Report.

Rating Agency Developments

 

On November 30, 2016, Fitch published its U.S. water and sewer revenue bond rating criteria. Report.

On November 29, 2016, Fitch published its rating criteria for RMBS transactions in Europe, Middle East and Africa (EMEA). Report.

On November 29, 2016, Fitch published its rating criteria for GARVEE bonds. Report.

On November 28, 2016, DBRS published an update to its approach to rating U.S. RMBS transactions. Report.

On November 28, 2016, Moody’s published its approach to rating Europe, Middle East and Africa (EMEA) CMBS transactions. Report.

Rating Agency Developments

 

On November 23, 2016, Moody’s published its updated methodology for Special Assessment/Special Property Tax (Non-Ad Valorem) Debt. Release.

On November 17, 2016, Fitch published its updated criteria for Analysis of Commercial Real Estate Loans Securing Covered Bonds. Release.

On November 17, 2016, Fitch published its updated rating criteria for Commercial Mortgage-Backed Securities and Loans in EMEA. Release.