Rating Agencies

Rating Agency Developments (April 23 – May 6)

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On May 6, Fitch published its updated Future Flow Securitization Rating. Criteria.

On May 4, DBRS Morningstar published its updated Assessing U.S. RMBS Pools Under the Ability-to-Repay Rules. Methodology.

On May 1, Moody’s published its updated Tobacco Settlement Revenue Securitizations. Methodology.

On May 1, Moody’s published its updated US Tax Lien-Backed Securitizations. Methodology.

On April 28, KBRA published an article entitled Coronavirus (COVID-19): CMBS Special Servicing and Watchlist Trends. Report.

On April 27, DBRS Morningstar published an updated version of Rating and Monitoring Covered Bonds. Methodology.

On April 27, DBRS Morningstar published an updated version of Rating and Monitoring Covered Bonds Addendum: Market Value Spreads. Methodology.

On April 27, Moody’s published its updated Structured Settlement Securitizations. Methodology.

On April 24, Moody’s published its updated Non-Performing and Re-Performing Loan Securitizations. Methodology.

On April 23, Fitch published its updated Credit Card ABS Rating. Criteria.

On April 23, KBRA published an article entitled Coronavirus (COVID-19): Private Corporate Credit Market Poised for Resiliency. Report.

Rating Agency Developments

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On April 27, KBRA published a report titled Public Finance: Coronavirus (COVID-19): Municipal Issuers’ Virus-Related Voluntary Disclosures Trend Up. Report.

On April 21, Moody’s published its revised approach to rating U.S. RMBS using the MILAN Framework. Methodology.

On April 20, KBRA published a report titled Public Finance: Coronavirus (COVID-19): Sales Tax Bonds Under Surveillance. Report.

On April 17, S&P published its revised methodology and assumptions for rating U.S. RMBS issued in 2009 or later. Methodology.

On April 16, KBRA published a report titled CMBS: Coronavirus (COVID-19): CRE Recovery Clues From the Great Recession and China. Report.

On April 15, KBRA published a report titled Public Finance: Coronavirus (COVID-19): Fed Provides Vital Assistance to State and Local Governments. Report.

On April 15, Fitch published an article titled Exposure Draft: U.S. RMBS Coronavirus-Related Analytical Assumptions. Criteria.

On April 15, DBRS Morningstar published its methodology for Currency Stresses for Global Structured Finance Transactions. Methodology.

On April 14, Moody’s published its methodology for Fleet Lease Securitizations. Methodology.

On April 13, DBRS Morningstar published its methodology for Rating Structured Aircraft Transactions. Methodology.

On April 10, Moody’s published its methodology for Reverse Mortgage Securitizations. Methodology.

On April 10, Moody’s published its methodology for Resecuritizations. Methodology.

On April 10, Fitch published its criteria for CMBS Large Loan Rating. Criteria.

Rating Agency Developments

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On April 3, Moody’s published its Operating Company Securitizations. Methodology.

On April 3, KBRA published a report titled CMBS: Coronavirus (COVID-19): Multifamily Update – Bracing for Forbearance. Report.

On April 2, KBRA published a report titled Structured Credit: Coronavirus (COVID-19): KBRA U.S. BSL CLO Rating Sensitivity Analysis. Report.

On April 1, DBRS Morningstar published its U.S. Residential Mortgage-Backed Securities Model and Ratings. Methodology.

On March 31, DBRS Morningstar published its U.S. ABS General Ratings. Methodology.

Rating Agency Developments

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On March 31, KBRA published a report titled Coronavirus (COVID-19): Impact of Federal Stimulus on Securitizations Backed by Consumer Receivables. Report.

On March 30, KBRA assigned ratings for the Carvana Auto Receivables Trust 2020-N1 transaction. Release.

On March 30, KBRA assigned ratings for the CSAIL 2020-C19 transaction. Release.

On March 24, KBRA assigned ratings to the BMARK 2020-B17 transaction. Release.

On March 20, DBRS Morningstar published its Global Structured Finance Related Methodologies criteria. Methodology.

On March 19, KBRA assigned ratings to the Progress Residential 2020-SFR1 transaction. Release.

On March 19, KBRA published a new issue report for the Sequoia Mortgage Trust 2020-3 transaction. Report.

On March 19, KBRA published a new issue report for the First Investors Auto Owner Trust 2020-1 transaction. Report.

On March 19, DBRS Morningstar published its U.S. ABS General Ratings Methodology criteria. Methodology.

On March 18, Fitch published its U.S. Auto Loan ABS Rating. Criteria.

On March 18, Fitch published its U.S. Auto Lease ABS Rating. Criteria.

On March 18, DBRS Morningstar published its Rating Canadian ABCP and Related Enhancement Features. Methodology.

On March 13, DBRS Morningstar published its European RMBS Insight: Greek Addendum. Methodology.

On March 13, DBRS Morningstar published its European RMBS Insight: Dutch Addendum. Methodology.

On March 12, Fitch published its RMBS Lenders’ Mortgage Insurance Rating. Criteria.

Rating Agency Developments

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On March 18, KBRA published its Coronavirus (COVID-19): Consumer ABS Braces for Disruptions. Report.

On March 13, KBRA published its General Global Rating for Asset-Backed Securities. Methodology.

On March 13, KBRA published its Aviation ABS Global Rating. Methodology.

On March 13, KBRA published its Equipment Lease & Loan Global ABS Rating. Methodology.

On March 13, KBRA published its Project Finance Global Rating. Methodology.

On March 13, KBRA published its Structured Credit Global Rating. Methodology.

On March 12, KBRA published its Financial Guaranty Global Rating. Methodology.

On March 11, DBRS Morningstar published a report entitled: Mapping Financial Institution Internal Ratings to DBRS Morningstar Ratings for Global Structured Credit Transactions. Methodology.

On March 10, Fitch published its rating for Aircraft Operating Lease ABS. Criteria.

On March 9, DBRS Morningstar published its North American CMBS Multi-Borrower Rating. Methodology.

On March 9, Moody’s published its proposed update for rating TruPS CDOs. Methodology.

On March 6, DBRS Morningstar published its North American CMBS Surveillance. Methodology.

On February 19, DBRS Morningstar published its U.S. Federal Family Education Loan Program Securitizations. Criteria.

On February 18, Fitch published its U.S. Public Finance Letter of Credit-Supported Bonds and Commercial Paper Rating. Criteria.

Rating Agency Developments

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On June 5, Fitch published a methodology for U.S. RMBS Seasoned and Reperforming Loans. Methodology.

On June 4, Fitch published a methodology for APAC Residential Mortgages. Methodology.

On June 3, Moody’s published its updated methodology for Resecuritizations. Methodology.

On May 31, Fitch published its updated methodology for European RMBS. Methodology.

On May 31, Fitch published a methodology for EMEA CMBS and CRE Loans. Methodology.

On May 31, S&P published its updated methodology for Global Equipment ABS. Methodology.

On May 30, Moody’s published its updated methodology for Reverse Mortgage Securitizations. Methodology.

Rating Agency Developments

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On May 29, Morningstar announced it had entered into a definitive agreement to acquire DBRS, the world’s fourth largest credit ratings agency, for a purchase price of $669 million. The transaction is expected to close in the third quarter of 2019. Press Release.

On May 24, Moody’s published its revised methodology for rating Vacation Timeshare Loan Securitizations. Methodology.

Rating Agency Developments

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On May 16, DBRS released a commentary titled U.S.-China Relations: Tariffs Accelerated, Negotiations Stalled. The Office of the United States Trade Representative (USTR) increased tariffs to 25% on $200 billion worth of Chinese goods and is working on raising tariffs on all remaining imports from China. Commentary.

On May 16, DBRS launched its fourth annual European Structured Finance and Covered Bond Survey. The invitation for responses is open to all market participants. Release.

Rating Agency Developments

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On May 8, DBRS published its rating methodology for Public Universities. Methodology.

On May 7, Moody’s published its rating methodology for certain Nonprofit Organizations. Release.

On May 6, DBRS published its methodology for Master Canadian Structured Finance Surveillance. Release.

On May 6, Fitch published its rating criteria for Money Market Funds. Release.

On May 3, Moody’s published its rating methodology for Local Currency Country Risk Ceiling for Bonds and Other Local Currency Obligations. Release.

On May 2, Fitch published its Short-Term Ratings Criteria. Release.

On May 2, Fitch published its rating criteria for Global Structured Finance. Release.