Moody’s

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.

Rating Agency Developments

 

On November 16, 2016, Fitch issued a report entitled: Fitch Updates Recovery Ratings and Notching Criteria for Equity REITs. Release.

On November 16, 2016, Fitch issued a report entitled: Fitch Updates Rating Criteria for U.S. Military Housing. Release.

On November 15, 2016, Fitch issued a report entitled: Fitch Updates U.S. RMBS Surveillance and Re‑REMIC Criteria. Release.

On November 11, 2016, Fitch issued a report entitled: Fitch Updates U.S. and Canadian Multiborrower CMBS Surveillance Criteria. Release.

On November 11, 2016, Moody’s updated its Index of Rating Methodologies. Report.

On November 11, 2016, Moody’s updated its index entitled: Outdated Credit Rating Methodologies. Report.

On November 10, 2016, Fitch issued a report entitled: Fitch Updates Surveillance Criteria for U.S. CREL CDOs. Release.

On November 10, 2016, Fitch issued a report entitled: Fitch Clarifies Criteria for Rating U.S. FFELP Student Loan ABS. Release.

On November 10, 2016, Moody’s issued a report entitled: U.S. Housing Finance Agency Single Family Programs. Report.

On November 10, 2016, Moody’s issued a report entitled: U.S. Housing Finance Agency Multifamily Methodology. Report.

On November 10, 2016, Moody’s issued a report entitled: U.S. Public Housing Authority Capital Fund Bonds. Report.

On November 10, 2016, Moody’s issued a report entitled: U.S. Housing Finance Agency Issuer Rating Methodology. Report.

On November 10, 2016, Moody’s issued a report entitled: Refining and Marketing Industry. Report.

Rating Agency Developments

 

On October 17, 2016, DBRS issued a report entitled: CMBS North American SurveillanceReport.

On October 14, 2016, Moody’s issued a report entitled: Moody’s Approach to Rating Securities Backed by Pools of Both FFELP and Private Student Loans. Report.

On October 14, 2016, DBRS issued a report entitled: Global Methodology for Rating Finance CompaniesReport.

Rating Agency Developments

 

On October 4, 2016, Moody’s published its approach to rating revenue bonds of U.S. municipal Joint Action Agencies (JAA). Report.

On October 3, 2016, DBRS published derivative criteria for European structured finance transactions. Report.

On October 3, 2016, Moody’s published its approach to assessing credit risk for rated issuers in the business and consumer service industry. Report.

On October 3, 2016, Moody’s published its approach to rating credit tenant lease and comparable lease financings. Report.

On October 3, 2016, Moody’s published its rating methodology for companies in the global integrated oil and gas industry. Report.

On September 30, 2016, Moody’s published methodology for rating debt issuance under certified capital company, new markets tax credit and similar programs. Report.

On September 29, 2016, Fitch published its methodology for assigning new and monitoring existing international ratings to aircraft enhanced equipment trust certificates (EETCs). Report.