structured finance transactions

Rating Agency Developments

On October 1, DBRS published its U.S. RMBS rating methodology.  Methodology.

On October 1, DBRS published its rating methodology for European consumer and commercial ABS transactionsMethodology.

On October 1, DBRS published its methodology for rating companies in the mining industryMethodology.

On October 1, DBRS published its methodology for rating operators in the container terminal industryMethodology.

On October 1, Fitch updated its criteria for rating U.S. RMBSCriteria.

On October 1, Moody’s published its methodology for rating public housing authority (PHA) capital fund bonds issued in the U.S. municipal market.  Methodology.

On October 2, Moody’s published its methodology describing its approach to monitoring existing securities backed by low-income residential construction loans to developers in MexicoMethodology.

On October 5, Fitch updated its methodology for analyzing U.S. Tobacco Settlement ABSCriteria.

On October 5, Fitch updated its global rating criteria for trade receivables securitizationsCriteria.

On October 5, KBRA released a proposed U.S. Equity REITs & REOC rating methodology.  Methodology.

On October 5, Moody’s published its approach in considering data quality in structured finance transactions.  Methodology.

On October 6, DBRS published its methodology for rating sovereign governmentsMethodology.

On October 7, DBRS published its global methodology for rating life and property/casualty insurance companies and insurance organizationsMethodology.

Rating Agency Developments

On October 13, Moody’s released is rating methodology for U.S. Health Insurance Companies.  Release.

On October 10, DBRS published its methodologies regarding the following: (i) U.S. Structured Finance Transactions, (ii) U.S. Auto Fleet Lease Securitizations and (iii) U.S. ABS Surveillance Methodology.  Release.  Release.  Release.

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Rating Agency Developments

On October 9, S&P released its updated global methodology and assumptions for assessing the credit quality of securitized non-real estate related consumer receivables, including, but not limited to, auto, credit card, student, and unsecured personal loan asset-backed securities. Report.

On October 9, S&P released its updated criteria for analyzing cash flows of structured finance securities. Report.

On October 9, S&P released its updated methodology and assumptions for assessing operational risk associated with transaction parties in structured finance transactions. Report.

On October 7, Moody’s released its bankruptcy remoteness criteria for special purpose entities in global structured finance transactions. Report.

On October 7, Fitch released its updated Global Structured Finance and Covered Bonds Rating Criteria Hierarchy. Report.

On October 3, Fitch released its criteria for rating nonprofit nursing homes. Report.

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Rating Agency Developments

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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Rating Agency Developments

On May 17, Fitch published a report entitled “Criteria for Rating U.S. Mortgage REITs and Similar Finance Companies” that addresses long-term Issuer Default Ratings (IDRs) for mortgage real estate investment trusts (REITs) and similar finance companies, as well as credit ratings for corporate debt obligations and preferred stock of these issuers. Fitch Release. Fitch Report.

On May 19, S&P requested comments on proposed changes to its methodology for evaluating insurers’ economic capital models through a refinement of its current enterprise risk management criteria. S&P Release. 

On May 18, S&P updated its rating assumptions for problem assets and credit costs of Russian banks. S&P Release.

On May 11, DBRS published methodology for stability ratings for structured income funds. DBRS Methodology. 

On May 6, Moody’s issued a request for comment regarding its approach to operational risk in global structured finance transactions. Comments on the report are requested by June 15. Moody’s Release.

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