Rating Agency Developments

On March 17, Fitch published its global rating criteria for analyzing servicing continuity risk in structured finance transactions.  Fitch Release. 

On March 18, Fitch published a special report clarifying its treatment of rated closed-end fund (CEF) liabilities that carry ‘make-whole’ or other prepayment penalties.  Fitch Release.  Fitch Report

On March 17, S&P published supplemental criteria for assessing structured finance transactions that allow for changes in the priority of payments to subclasses within a specified series of notes following a non-monetary event of default.  S&P Release. 

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