recovery ratings

Rating Agency Developments

On December 9, 2015, Moody’s published its global methodology for rating securities backed by pools of auto loans and auto leases to individuals. Report.

On December 8, 2015, Moody’s published its methodology for rating the temporary investment of cash in structured finance transaction accounts. Report.

On December 7, 2015, Fitch updated its criteria for recovery estimates and recovery ratings and clarified the notching guidance for unsecured debt of issuers rated in the ‘BB’ category and above. Report.

On December 4, 2015, Fitch updated its criteria for not-for-profit hospitals and health systems outside the U.S. Report.

On December 4, 2015, Moody’s updated and replaced its existing methodology for how Moody’s Loss Given Default framework is used in making rating distinctions. Report.

On December 3, 2015, Fitch updated its criteria for rating U.S. equipment lease and loan ABS. Report.

On December 3, 2015, Fitch published its Global Consumer ABS Rating Criteria for analyzing credit risk in asset-backed securities backed by consumer receivables globally. Report.

On December 3, 2015, Fitch updated its recovery ratings and notching criteria for equity REITs. Report.

On December 3, 2015, Kroll published its methodology for rating the financial strength of private mortgage insurance companies. Report.

On December 3, 2015, Kroll published its methodology for rating U.S. CMBS single borrower and large loan transactions. Report.

On December 3, 2015, Kroll published its methodology for rating U.S. CMBS multi-borrower transactions. Report.

On December 3, 2015, Kroll published its methodology for rating U.S. distressed commercial real estate liquidating trust securitizations. Report.

On December 3, 2015, Kroll updated its CMBS property evaluation methodology. Report.

Rating Agency Developments

On June 15, Fitch revised its country-specific treatment of recovery ratings. Fitch Report.

On June 13, Fitch updated its criteria for U.S. timeshare loan ABS. Fitch Report.

On June 12, Fitch updated its criteria for revenue-supported obligations in the public finance sector. Fitch Report.

On June 12, Fitch updated its criteria for rating foreign banking subsidiaries higher than the parent bank. Fitch Report.

On June 12, DBRS released its criteria for Canadian ABCP supported by full wrap liquidity. DBRS Report.

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Rating Agency Developments

On August 16, S&P requested comment on project finance construction and operations counterparty methodology. S&P Release.

On August 16, S&P updated its defeasance criteria for U.S. CMBS transactions. S&P Release.

On August 15 and 16, Fitch released reports on: (i) recovery ratings for financial institutions; (ii) securities firms; (iii) bank holding companies; (iv) financial institutions; (v) market value structures; (vi) U.S. closed-end funds; (vii) infrastructure and project finance; (viii) bond funds; (ix) APAC CMBS; (x) prepaid energy transactions; (xi) U.S. residential mortgage Re-REMICs; (xii) U.S. RMBS; (xiii) Prime RMBS loan loss models; (xiv) state housing finance agencies – single family mortgage program; (xv) state revolving fund and municipal loan pools; and (xvi) Japan CMBS surveillance.

On August 12, DBRS published a guide regarding its legal criteria for European structured finance transactions. DBRS Release.

Rating Agency Developments

On July 14, Fitch updated its EMEA Consumer ABS Rating Criteria and the Auto Residual Value Addendum, and published a report outlining the basic legal assumptions on which the EMEA ABS rating criteria are predicated. Fitch EMEA Consumer ABS Criteria. Fitch Auto Residual Value Addendum. Fitch EMEA ABS Legal Assumptions.

On July 12, Fitch updated its global surveillance criteria for Trust Preferred CDOs. Fitch Release. Fitch Report.

On July 11, Fitch updated its criteria for Recovery Ratings U.S. RMBS. Fitch Release. Fitch Report.

On July 11, Fitch published new criteria for the treatment of hybrid equity in the Corporate and REIT Sectors, and for BanksFitch Corporate and REIT Sector Release. Fitch Corporate and REIT Report. Fitch Bank Release. Fitch Bank Report.

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