Elizabeth J. Elias

Senior Associate

New York

eelias@orrick.com

Read full biography at www.orrick.com

Elizabeth Elias, a Senior Associate in Orrick’s New York office, represents issuers and investors in bespoke, esoteric asset-backed securities transactions in both the 4(a)(2) and Rule 144A markets.

She has extensive experience in the securitization of commercial PACE liens, music, TV and other intellectual property rights, whole businesses, diamond receivables, litigation settlement awards, and PDP oil & gas wellbore interests.

Elizabeth’s experience further extends to representation of a variety of market participants, including sponsors, issuers, underwriters and service providers, in public and private offerings of commercial mortgage-backed securities.

Posts by: Elizabeth J. Elias

Rating Agency Developments

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On April 6, 2016, DBRS published its methodology for rating European structured finance transactions.

On April 6, 2016, DBRS published its methodology for ratings in the forest products industry. Report.

On April 6, 2016, DBRS published its methodology for ratings in the engineering and construction industry. Report.

On April 6, 2016, DBRS published its methodology for ratings in the industrial products industry. Report.

On April 5, 2016, Fitch updated its recovery ratings and notching criteria for non-financial corporate issuers. Release.

On April 5, 2016, Fitch published an updated report on rating criteria for letter of credit supported bonds and commercial paper. Report.

On April 5, 2016, Fitch published surveillance criteria for trust preferred CDOs. Report.

On April 1, 2016, Fitch updated its EMEA RMBS rating criteria. Release.

On March 31, 2016, S&P published its methodology and assumptions for rating North American single-tenant real estate triple-net lease-backed securitizations.  Report.

On March 31, 2016, Fitch updated its global criteria for rating wind power projects. Release.

The FDIC Rescinds De Novo Time Period Extension

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On April 6, 2016, the Federal Deposit Insurance Corporation (the “FDIC”) rescinded Financial Institution Letter (FIL) 50-2009, Enhanced Supervisory Procedures for Newly Insured FDIC-Supervised Depository Institutions.  The Financial Institution Letter extended the de novo period from three to seven years for newly organized, state nonmember institutions for examinations, capital maintenance and other requirements.  Release.

CFTC Approves Guidance Relating to Appropriate Treatment of Electric Power and Natural Gas Contracts

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On April 4, 2016, the U.S. Commodity Futures Trading Commission (the “CFTC”) approved guidance relating to the appropriate treatment of certain electric power and natural gas contracts.  The guidance provides that certain capacity contracts in electric power markets and certain natural gas contracts should not be considered “swaps” under the Commodity Exchange Act.  Release.

Treasury Issues Temporary Regulations to Address Inversion Problems

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On April 4, 2016, the U.S. Treasury issued temporary regulations to make it increasingly difficult for companies to invert, i.e., to engage in a transaction in which a U.S.-parented multinational group acquires a small foreign company in order to change its tax residence to reduce or avoid paying U.S. taxes.  Release.

The Federal Reserve Board Finalizes Rule Regarding Investment-Grade General Obligation State and Municipal Securities

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On April 1, 2016, the Federal Reserve Board finalized a rule to include certain U.S. general obligation state and municipal securities in the type of assets that financial institutions may use to satisfy requirements designed to ensure that such institutions have the capacity to meet liquidity needs during a period of financial stress.  The final rule allows investment-grade, U.S. general obligation state and municipal securities to be counted as high-quality liquid assets (HQLA) up to certain levels if such securities meet the same liquidity criteria that apply currently to corporate debt securities.  Release.  Final Rule.

Rating Agency Developments

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On March 2, S&P updated its criteria for rating certain U.S. RMBS backed by pre-2009 originated mortgage loans.  Report.

On March 1, Moody’s updated its rating methodology for U.S. public electric utilities with generation ownership exposure.  Report.

On February 25, Fitch published its rating criteria for airports.  Report.

FHFA, Fannie Mae and Freddie Mac Announce Independent Dispute Resolution Program

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On February 2, the Federal Housing Finance Agency (the “FHFA”) announced that Fannie Mae and Freddie Mac have implemented an independent dispute resolution process for resolving repurchase disputes.  The process would allow lenders to submit their unresolved loan level disputes to an arbitrator after certain other processes have been exhausted.  Press Release.

Rating Agency Developments

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On January 6, DBRS published its methodology for rating European commercial mortgage loans and European CMBS transactions. Report.

On January 4, DBRS published its preferred share and hybrid security criteria for corporate issuers. Report.

On January 4, DBRS published its methodology for rating holding companies and their subsidiaries. Report.

On January 4, DBRS published its methodology for rating CLOs backed by loans to European Small and Medium-Sized Enterprises (SMEs). Report.

On January 4, DBRS published its methodology for rating European RMBS transactions. Report.

On December 31, DBRS published its methodology for rating European structured finance servicers. Report.

On December 31, Moody’s published its rating methodology for investment holding companies and conglomerates. Report.