Tag Archives: S&P

Rating Agencies

Rating Agency Developments

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On May 9, Fitch released its guidelines for rating tender option bonds.  Fitch Report.   

On May 9, Moody’s released its methodology for rating CLOs.  Moody’s Report.

On May 8, Fitch released its surveillance criteria for franchise loan ABS.  Fitch Report. 

On May 7, S&P released its criteria for multiple-use special-purpose entities.  S&P Report. 

On May 7, S&P released its criteria for assessing guarantees in structured finance transactions.  S&P Report.   

On May 7, S&P released its criteria for asset isolation and special-purpose entities in structured finance transactions.  S&P Report. 

On May 7, Moody’s released its methodology for rating consumer loan ABS transactions.  Moody’s Report. 

On May 7, Moody’s released its guidelines for incorporating sovereign risk into (i) rating CDOs of SMEs in Europe; (ii) rating multi-pool financial lease-backed transactions in Italy; and (iii) rating EMEA auto loans.  Moody’s Report (SME CDO).  Moody’s Report (Italy).  Moody’s Report (EMEA Auto Loans). 

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Rating Agencies

Rating Agency Developments

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On May 2, KBRA released its methodology for rating global banks and bank holding companies.  KBRA Report. 

On April 30, Fitch released its criteria for rating U.S. auto lease ABS.  Fitch Report. 

On April 26. S&P released its criteria for rating Canadian auto loan ABS.  S&P Report. 

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Rating Agencies

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On April 4, Moody’s released its methodology for rating short-term cash flow notes.  Moody’s Report. 

On April 3, Fitch released its criteria for rating EMEA CMBS.  Fitch Report.

On April 1, Fitch released its criteria for rating FFELP student loan ABS.  Fitch Report. 

On April 1, KBRA released its methodology for rating finance companies.  KBRA Report. 

On April 1, S&P issued a request for comment on its proposed methodology for rating U.S. municipal affordable multifamily housing bond transactions.  Comments must be submitted by June 1.  S&P Release. 

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Rating Agencies

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On March 20, Moody’s released its methodology for U.S. State revolving fund debt.  Moody’s Report. 

On March 18, Moody’s released implementation guidance for the temporary use of cash in structured finance transactions.  Moody’s Report. 

On March 18, Moody’s released its approach to rating railcar leasing ABS.  Moody’s Report. 

On March 18, Fitch published criteria for assigning issue level ratings to debt and/or preferred securities issued by closed-end funds outside the U.S.  Fitch Report. 

On March 15, S&P released methodology for forecasting operating assumptions for the U.S. merchant power sector.  S&P Report. 

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Rating Agencies

Rating Agency Developments

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On March 12, S&P updated its methodology for second-lien RMBS surveillance and cash flow analysis for pre-2009 originations.  S&P Report.

On March 11, Moody’s released its approach to rating RMBS using the MILAN framework.  Moody’s Report.   

On March 11, Fitch updated its criteria for state housing finance agencies’ general obligations.  Fitch Report. 

On March 11, Moody’s released its methodology for incorporating sovereign risk to multi-pool financial lease-backed transactions in Italy.  Moody’s Report.  

On March 11, Moody’s released its methodology for incorporating sovereign risk to its approach to rating CDOs of SMEs in Europe.  Moody’s Report. 

On March 11, Moody’s released its methodology for incorporating sovereign risk to EMEA auto loan methodology.  Moody’s Report.  

On March 8, Moody’s released its approach to rating transactions backed by intermodal shipping container leases.  Moody’s Report.  

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Rating Agencies

Rating Agency Developments

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On February 27, Fitch published updated criteria on U.S. municipal structured finance.  Fitch Report.   

On February 26, Fitch published criteria on U.S. mortgage REITs and similar finance companies.  Fitch Report.  

On February 26, Fitch published criteria on U.S. equity REITs and REOCs.  Fitch Report. 

On February 26, S&P published criteria for deriving the common quantitative metrics for rating banks globally.  S&P Methodology.   

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Rating Agencies

Rating Agency Developments

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On February 21, Fitch published its global rating criteria for single- and multi-name credit-linked notes.  Fitch Report. 

On February 21, Fitch updated its criteria for solar power projects.  Fitch Report. 

On February 20, Fitch released a report on U.S. RMBS 2.0 representations and warranties.  Fitch Report.
 
On February 20, S&P released its 2013 interest rate scenarios for U.S. insurance risk-based capital model.  S&P Report. 

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Litigation

California Attorney General Brings Action Against Standard and Poor’s

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On February 5, the Attorney General of California, Kamala D. Harris, filed suit in Superior Court in California against Standard & Poor’s and its parent company, the McGraw Hill Company.  The Complaint alleges violations of California’s False Claims Act, Unfair Competition Law, and False Advertising Law, and alleges that S&P made knowingly false representations in connection with credit ratings for RMBS and CDOs between 2004 and 2007.  The complaint further alleges that California’s public pension funds lost hundreds of millions of dollars in connection with their purchase of RMBS rated by S&P.  The state seeks treble damages, civil penalties and a permanent injunction.  Complaint.

Rating Agencies

Rating Agency Developments

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On February 15, Fitch published updated criteria for Latin American RMBS.  Fitch Report. 

On February 14, DBRS released its master European RMBS methodology and jurisdictional addenda.  DBRS Report. 

On February 13, S&P released its methodology and assumptions for U.S. private student loan ABS credit analysis.  S&P Report. 

On February 12, DBRS released its European CMBS surveillance criteria.  DBRS Report. 

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Litigation

S&P Seeks Declaration That Credit Ratings Are Immune From Liability

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On February 5, two Standard & Poor’s entities filed a declaratory judgment action in the Southern District of South Carolina seeking to bar the South Carolina Attorney General from suing S&P under South Carolina’s Unfair Trade Practices Act in connection with S&P’s ratings of RMBS and CDOs.  S&P filed the action in response to a December 20, 2012 letter from the Attorney General that threatened litigation.  S&P alleges that its credit ratings are predictive and subjective opinions that constitute protected speech under the First Amendment.  It seeks a declaration that South Carolina’s Unfair Trade Practices Act may not constitutionally be applied to S&P’s credit rating activities and an injunction prohibiting the Attorney General from pursuing any lawsuit that is inconsistent with S&P’s First Amendment rights.  Complaint.