ABS

Rating Agency Developments

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On April 23, Fitch released its updated criteria for rating operational risk of U.S. servicers of RMBS and small balance commercial securities.  Report.

On April 23, Fitch released its updated criteria for rating operational risk of servicers of various structured finance products, including RMBS, CMBS, and ABS.  Report.

On April 22, Moody’s released its rating methodology for monitoring scheduled amortization UK student loan-backed securities.   Report.

On April 21, Fitch released its updated criteria for analyzing trust-preferred CDOs.  Report.

On April 17, DBRS released its updated criteria for commercial paper liquidity support for non-bank issuers. Report.

On April 17, DBRS released its criteria for rating market-linked securities.  Report.

Rating Agency Developments

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On January 22, Fitch released its rating criteria for rating RMBS in Latin America.  Criteria.

On January 22, Moody’s released its global methodology for rating small and medium size enterprise balance sheet securitizations.  Release.

On January 20, Moody’s released its approach to rating ABS backed by equipment lease and loans.  Release.

On January 20, Moody’s released its approach to rating consumer loan backed ABS.  Release.

On January 20, Moody’s released its approach to rating RMBS Using the MILAN Framework.  Release.

On January 20, Moody’s released its global approach to rating Auto Loan- and Lease-Backed ABS.  Release.

On January 20, Moody’s released its global approach to rating financial guarantors.  Release.  Announcement.

On January 20, Moody’s released its global approach to monitoring life insurance ABS.  Release.

On January 20, Fitch released its rating criteria for rating Non-Performing Loan Securitisations.  Criteria.

On January 16, Kroll released its methodology for rating single-family rentals.  Methodology.

On January 15, DBRS released its methodology for rating companies in the asset management industry.  Release.

Rating Agency Developments

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On January 30, Fitch released its criteria for rating structured finance servicers of various products, including RMBS, CMBS and ABS. Fitch Report.

On January 30, Fitch released its criteria for rating operational risk of U.S. servicers of RMBS and small balance commercial securities (SBC). Fitch Report. 

On January 30, Moody’s released its methodology for rating securitizations backed by loans granted to small- and medium-sized enterprises (SMEs). Moody’s Report.

On January 30, DBRS released its methodology for rating European covered bonds. DBRS Report.

On January 29, Fitch released its criteria for rating U.S. private student loan ABS. Fitch Report.

On January 29, DBRS released its criteria setting forth the financial ratios and accounting treatments used to analyze non-financial companies. DBRS Report.

On January 28, Fitch released its criteria for rating non-performing loan (NPL) securitizations. Fitch Report.

On January 27, Fitch released its criteria for rating variable-rate demand obligations (VRDOs) and commercial paper (CP) issued with external liquidity support. Fitch Report.

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Rating Agency Developments

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On December 24, S&P released its methodology for rating U.S. RMBS Synthetic Risk Transfers.  S&P Report.

On December 23, S&P released its methodology for rating U.S. RMBS surveillance credit and cash flow analysis for pre-2009 originations.  S&P Report.

On December 19, DBRS released its methodology for preferred shares and hybrids for corporate issuers other than financial institutions.  DBRS Report.

On December 17, Moody’s released its methodology for rating ABS backed by equipment leases and loans.  Moody’s Report.

Note: Free registration is required for rating agency releases and reports.

Rating Agency Developments

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On June 29, Moody’s released it consolidated global bank rating methodology. Moody’s Report.

On June 29, DBRS released its global methodology for banks and banking organizations. DBRS Report.

On June 29, Kroll Bond Ratings released its equipment lease and ABS rating methodology. Kroll Report.

Note: Free registration is required for rating agency releases and reports.

Global ABS 2012 Conference

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Orrick is an exhibitor sponsor of Global ABS 2012 Conference, which will be hosted by Information Management Network (IMN) at Square Brussels Meeting Center in Brussels, Belgium on June 12-14. More than 3,500 structured finance professionals are expected to attend. The agenda will include, among others, topics such as global regulatory changes that impact securitization; restoring confidence in the ABS markets; and CMBS, RMBS, and real estate and market fundamentals. For more information, please click here.

Global ABS 2012 Conference

Posted on

Orrick is an exhibitor sponsor of Global ABS 2012 Conference, which will be hosted by Information Management Network (IMN) at Square Brussels Meeting Center in Brussels, Belgium on June 12-14. More than 3,500 structured finance professionals are expected to attend. The agenda will include, among others, topics such as global regulatory changes that impact securitization; restoring confidence in the ABS markets; and CMBS, RMBS, and real estate and market fundamentals. For more information, please click here.

Rating Agency Developments

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On April 18, Fitch published criteria for partial-credit guarantees in emerging markets. Fitch Report.

On April 18, S&P updated its criteria for the global midstream energy industry. S&P Release.

On April 17, S&P updated its methodology for reviewing originators of residential mortgage collateral in U.S. RMBS. S&P Release.

On April 17, Fitch updated its 17G-7 representations and warranties report. Fitch Report.  Fitch Release.

On April 17, Fitch updated its global aircraft operating lease ABS criteria. Fitch Report.

On April 16, S&P updated its methodology for U.S. cash flow CDOs of bank trust preferred securities. S&P Release.

On April 16, Fitch updated its U.S. auto loan ABS rating criteria. Fitch Report.

On April 16, Fitch updated its global criteria for onshore wind farm debt instruments. Fitch Report.

On April 13, DBRS released its legal criteria for European structured finance transactions. DBRS Report.

On April 13, S&P updated its assumptions for liquidation timelines in the U.S. residential mortgage market. S&P Release.

Orrick Alert: Jumpstart Our Business Startups (“JOBS”) Act Eases Restrictions on Rule 144A and Private Offerings – ABS Considerations

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President Obama signed the Jumpstart Our Business Startups Act (the “Act”) into law on April 5. The Act includes many provisions intended to facilitate capital raising and reduce regulatory burdens for certain types of issuers, but does little for the asset-backed securities market, which continues to grapple with the Dodd-Frank Act and related regulations and the looming specter of Reg AB II.

ABS issuers, underwriters and investors, however, will be interested in the sections of the Act that amend the exempt offering provisions of the Securities Act of 1933 (the “Securities Act”) and direct the Securities and Exchange Commission (the “SEC”) to revise regulations to permit general solicitation and advertising in connection with offerings that are exempt from registration under the Securities Act.  Click here to read more.