structured finance counterparty

Rating Agency Developments

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On June 1, Fitch published its updated global rating criteria for CLOs backed by loans to medium-sized enterprises. Fitch Report.

On May 31, S&P updated its methodology and assumptions for assessing counterparty risk in covered bond programs. S&P Report.

On May 30, Moody’s released its approach to rating Australian RMBS. Moody’s Report.

On May 30, Fitch updated its structured finance counterparty criteria. Fitch Release.

On May 30, Fitch updated is structured finance SPV criteria. Fitch Report.

On May 29, DBRS released its methodology for U.S. structured finance transactions backed by direct pay letters of credit. DBRS Report.

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Rating Agency Developments

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On August 4, Fitch updated its global structured finance rating criteria. Fitch Release.

On August 3, Moody’s detailed its approach to Investment Manager Quality assessments. Moody’s Report.

On August 2, Fitch withdrew its criteria for rating: (i) debtor-in-possession loan facilities and (ii) covenant-light loans and CLOs. Fitch Release (DIP). Fitch Release (CLO).

On August 1, Fitch replaced investment provider guidelines with structured finance counterparty criteria. Fitch Release.

On August 1, S&P updated its methodology for rating U.S. rental fleet securitizations. S&P Criteria.

On July 29, Fitch removed Loss Severity Ratings from its Ratings Definitions. Fitch Release.

On July 29, Moody’s released its methodology for rating rental car ABS and rental truck ABS. Moody’s Methodology.

On July 27, DBRS released its third-party due diligence criteria for U.S. RMBS transactions. DBRS Methodology.

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Rating Agency Developments

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On March 17, Fitch released new regional rating criteria for Latin America RMBS, and a Mexican RMBS Addendum, which incorporates an increased data analysis observation period for Mexican RMBS transactions. Fitch Release.

On March 17, S&P updated its methodology for rating unregulated issuers’ hybrid instruments and for classifying the equity content of these instruments. S&P Release.

On March 15, Fitch published its criteria for rating U.S. equity REITs and REOCs. Fitch Release.

On March 15, Fitch published its criteria for rating U.S. mortgage REITs and similar finance companies. Fitch Release.

On March 14, Fitch published a comment that the recent out-of-court settlement between the Lehman debtors and the Dante trustee leaves continuing conflicts of law and uncertainty for cash flow structured finance transactions that have interest and currency rate swaps and “flip clauses”. Fitch Comment.

On March 14, Fitch updated its structured finance counterparty criteria. Fitch Release.

On March 14, Fitch published its covered bonds counterparty criteria. Fitch Release.

On March 14, S&P requested comments on its proposed methodology for rating nonsovereign issuers and structured finance transactions that exceed European Monetary Union sovereign ratings. Comments must be submitted by March 28. S&P Release.

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On February 24, Moody’s updated its approach to rating U.S. resecuritized RMBS. Moody’s Report.

On February 24, Fitch updated its criteria for single- and multi-name credit-linked notes. Fitch Release. Fitch Report.

On February 24, Moody’s updated its methodology for analyzing set-off risk in Italian structured finance and covered bond transactions. Moody’s Release. Moody’s Report.

On February 23, Fitch updated its “Country-Specific Treatment of Recovery Ratings” corporate finance criteria report. Fitch Release. Fitch Report.

On February 23, Fitch issued criteria on global solar power projects. Fitch Release. Fitch Report.

On February 18, Fitch updated its U.S. commercial mortgage servicer ratings criteria. Fitch Release. Fitch Report.

On February 17, S&P requested comments on its proposal to extend the application of its structured finance counterparty methodology to corporate and government ratings. Comments must be submitted by March 3. S&P Release.

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