On February 15, Fitch updated its criteria for consumer ABS in Latin America. Fitch Report.
On February 10, S&P requested comments by April 6 on its proposed methodology for rating securities backed by imputed promises which do not have plainly stated promises for repayment of principal and/or interest within a specific time period. S&P Release.
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On February 7, DBRS released its methodology for CLOs and CDOs of large corporate credit. DBRS Methodology.
On February 7, DBRS released its Canadian surveillance methodology for CDOs of large corporate credit. DBRS Methodology.
On February 7, DBRS released its cash flow assumptions for corporate credit securitizations. DBRS Methodology.
On February 6, DBRS released its swap criteria for European structured finance transactions. DBRS Methodology.
On February 6, DBRS released its operational risk assessments for European ABS and SME CLO servicers. DBRS Methodology.
On February 6, DBRS released its operational risk assessments for European RMBS servicers. DBRS Methodology.
On February 6, DBRS released its master European structured finance surveillance methodology. DBRS Methodology.
On February 6, DBRS released its legal criteria for European structured finance transactions. DBRS Methodology.
On February 3, Fitch updated its global criteria report for non-performing loan transactions. Fitch Report.
On February 2, DBRS released its methodology for North American CRE non-performing loan liquidating trusts. DBRS Report.
On February 1, DBRS released its methodology for Canadian HELOCs. DBRS Report.
On January 31, Fitch updated its private student loan ABS criteria. Fitch Report.
On January 31, Fitch answered frequently asked questions about UK RMBS master trusts. Fitch Report.
On January 30, Fitch updated its criteria on legal uncertainty in emerging market securitizations. Fitch Report.
On January 30, Moody’s released its methodology for municipal bonds and commercial paper supported by a borrower’s self-liquidity. Moody’s Report.
On January 30, Moody’s released its pre-2005 RMBS surveillance methodology. Moody’s Report.
On January 30, DBRS released its methodologies for Canadian auto lease and auto loan securitizations. DBRS Auto Lease Report. DBRS Auto Loan Report.
On January 26, S&P gave advance notice of proposed changes to its U.S. local government general obligation bond criteria. S&P Report.
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On February 1, the SEC issued a no-action letter to PNC Bank relating to Rule 15Ga-1 which, pursuant to Section 943 of the Dodd-Frank Act, requires ABS securitizers to disclose repurchase requests. The SEC indicated that it will not recommend enforcement action against a securitizer that does not file repurchase request disclosures with respect to Ginnie Mae MBS under certain circumstances. SEC No-Action Letter. Incoming PNC Request.
On December 9, Moody’s requested comment on proposed changes to its methodology for its RMBS collateral analysis model (MILAN). Moody’s Report.
On December 9, Moody’s requested comment on a framework for stressing house prices in RMBS transactions in EMEA. Moody’s Report.
On December 9, S&P released its U.K. RMBS methodology and assumptions. S&P Release.
On December 9, S&P provided its outlook assumptions for the U.K. residential mortgage market. S&P Release.
On December 9, S&P requested comment on its proposed methodology for assessing when a guarantor’s failure to honor a payment obligation would constitute a default and how this default would affect the guarantor’s issuer credit rating. S&P Release.
On December 8, S&P requested comment on updates to its criteria for assessing temporary investments in rated securities. S&P Release.
On December 6, DBRS released its master U.S. ABS surveillance methodology. DBRS Methodology.
On December 6, DBRS released its U.S. structured settlement ABS methodology. DBRS Methodology.
On December 5, Fitch updated its U.S. residential mortgage servicer advance receivable trust rating criteria. Fitch Report.
On December 5, Fitch updated its criteria for U.S. wireless tower transactions. Fitch Report.
On December 2, Moody’s released its fundamentals of credit analysis for lease-backed municipal obligations. Moody’s Report.
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On September 19, the SEC issued proposed Rule 127B, as required under Section 621 of the Dodd-Frank Act, to prohibit material conflicts of interest in connection with certain securitizations. The proposed rule would prohibit certain persons who create and distribute an ABS, including a synthetic ABS, from engaging in transactions within one year after the date of the first closing of the sale of ABS that would involve or result in a material conflict of interest with respect to any investor. Please click here to access the proposed rule. The deadline for comments on the proposed rule is December 19.
Please click here to access our complete update, which includes an overview of the proposed rule and the SEC’s proposed interpretive framework regarding application of the proposed rule and its exceptions.
On September 19, the SEC issued proposed Rule 127B, as required under Section 621of the Dodd-Frank Act, to prohibit material conflicts of interest in connection with ABS transactions. Under the proposed rule, entities that package and sell ABS would be prohibited from engaging in transactions that would involve or result in a material conflict of interest with respect to any investor in the ABS. The prohibition would end one year after the first closing date of the ABS sale. Comments to the proposed rule must be submitted by December 19. SEC Release. Proposed Rule.
In April 2010, the Securities and Exchange Commission (“SEC”) proposed “Regulation AB II,” a series of new and amended rules that, if adopted, would substantially revise the offering process, disclosure and reporting requirements for publicly-issued asset-backed securities (“ABS”) and impose new disclosure standards for privately-issued structured finance products.
At an open meeting on July 26, 2011, the SEC re-proposed certain of its Regulation AB II rule proposals in light of the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and comments received on its original rule proposals. Specifically, the SEC re-proposed rules relating to the eligibility criteria for shelf registrations of ABS and related filing deadlines for transaction agreements, and solicited additional comment on its proposal to require asset-level information about pool assets. The deadline for comments on the re-proposed rules is October 4, 2011.
Please click here to access our complete update, which includes a brief overview of relevant portions of the original proposals, as well as an overview of the re-proposed rules and request for additional comment.
On August 12, Fitch updated its core corporate criteria reports. Fitch Release.
On August 11, Fitch updated its criteria for rating insurance-linked securities. Fitch Release.
On August 11, Fitch updated its criteria for rating SPV currency swap obligations in structured finance transactions. Fitch Release.
On August 11, Fitch updated its criteria for rating repackaged senior structured finance notes. Fitch Release.
On August 10, Fitch updated its assumptions used in assessing the credit risk of residential mortgage loan pools in various regions. Fitch Portuguese Release. Fitch Italian Release. Fitch German Release. Fitch European Release.
On August 10, Fitch updated its corporate and project finance CDO rating criteria. Fitch Release.
On August 10, Fitch published its Asia-Pacific (APAC) RMBS criteria and updated its Australian RMBS rating criteria as an addendum to this report. The APAC RMBS framework will replace the Australian Residential Mortgage Default Criteria (dated April 2008) and the Criteria for Rating Japanese RMBS (dated November 2001). Fitch Release (APAC RMBS). Fitch Release (Australian RMBS).
On August 10, Fitch published its global criteria for lenders’ mortgage insurance in RMBS transactions. Fitch Release.
On August 10, Fitch published its APAC consumer ABS rating criteria. Fitch Release.
On August 10, Fitch updated its U.S. water and sewer revenue bond rating criteria. Fitch Release.
On August 9, Fitch updated its structured finance rating caps criteria. Fitch Release.
On August 5, Fitch updated its rating criteria for toll roads, bridges, and tunnels. Fitch Release.
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On July 26, the SEC re-proposed for public comment certain rules relating to ABS originally proposed in April 2010 in response to comments received on the initial proposed rules and provisions added by the Dodd-Frank Act. The re-proposed rules relate to shelf eligibility for ABS, changes to exhibit filing deadlines, and the requirement to provide asset-level information about pool assets. Comments must be submitted within 60 days after publication in the Federal Register. SEC Release. SEC Re-Proposed Rule.
