auto lease ABS

Rating Agency Developments

Posted on

On March 30, 2016, Moody’s published its rating methodology for assessing green bonds. Report.

On March 30, 2016, DBRS published its methodology for rating Canadian structured finance instruments. Report.

On March 30, 2016, DBRS updated and is requesting comment on its methodology for analyzing the credit risk of European RMBS. Report.

On March 30, 2016, DBRS published and is requesting comment on its methodology for analyzing Spanish mortgages. Report.

On March 29, 2016, DBRS published and is requesting comment on its methodology for conducting surveillance on U.S. ABS. Report.

On March 29, 2016, DBRS published and is requesting comment on its operational risk assessment methodology for U.S. ABS servicers. Report.

On March 29, 2016, DBRS published and is requesting comment on its operational risk assessment methodology for U.S. ABS originators. Report.

On March 29, 2016, DBRS published and is requesting comment on its methodology for rating pooled aircraft lease securitizations. Report.

On March 24, 2016, DBRS published its rating methodology for supranational institutions, or multilateral financial institutions (MFIs). Report.

On March 24, 2016, Fitch updated its rating criteria for U.S. auto lease ABS. Press Release.

On March 24, 2016, S&P published its methodology and assumptions for U.S. tobacco settlement securitizations. Report.

Rating Agency Developments

Posted on

On May 17, Fitch issued a release setting forth its view that the final guidance regarding internal stress testing for large banks released by bank regulators is sound and sufficiently flexible to allow for firms to comply. Fitch Release.

On May 17, Fitch released a report detailing the statistical analysis underlying the revised basis spread stresses for FFELP ABS transactions included in its updated criteria for rating FFELP student loan ABS. Fitch Release.  Fitch Report.

On May 15, S&P released its short-term/long-term ratings linkage criteria for corporate and sovereign issuers. S&P Release.

On May 15, Moody’s released its approach to quantifying set-off risk for securitizations and covered bonds originated by U.K. deposit-taking institutions. Moody’s Report.

On May 14, Moody’s released its approach to rating structured finance CDOs. Moody’s Report.

On May 14, Fitch updated its criteria for U.S. auto lease ABS. Fitch Report.

On May 11, S&P issued its methodology for assessing when a guarantor’s failure to honor a payment obligation under a guarantee would be a default and how it would affect the guarantor’s issuer credit rating. S&P Release.

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

Rating Agency Developments

Posted on

On May 25, Moody’s updated its approach to rating tobacco settlement revenues securitizations. Moody’s Methodology.

On May 24, Fitch published updated criteria for rating U.S. auto lease ABS. Fitch Release.

On May 24, Fitch revised its criteria for moral obligation backed bonds, a non-legislatively binding mechanism provided by a governmental entity to support debt separately secured by a pledged revenue stream. Fitch Release. Fitch Report.

On May 23, Moody’s published updated criteria for rating U.S. auto-loan ABS. Moody’s Release.

On May 23, Moody’s announced that its revised methodology for money market fund ratings (published on March 10, 2011) is now effective. Moody’s Release. Moody’s Methodology.

On May 20, Fitch released its franchise loan ABS surveillance criteria. Fitch Release.

Note: Free registration is required for Fitch and Moody’s releases and reports.

Rating Agency Developments

Posted on

On January 29, DBRS released its proposed Master U.S. ABS Surveillance Methodology which provides an overview of surveillance procedures and insight into the credit philosophy DBRS utilizes to monitor the performance of transactions it has rated.  Comments are requested on or before February 26.  DBRS Release.  DBRS Methodology. 

On February 4, Moody’s re-evaluated the assumptions it uses to rate auto lease ABS in Europe, the Middle East, and Africa (EMEA) exposed to residual value (RV) risk.  Moody’s Release. 

On, February 1, Moody’s clarified its approach for providing a post-closing rating for structured finance securities. This report was published in light of the increased interest in that process following the amendment by the European Central Bank (ECB) of its eligibility criteria for structured finance securities for Eurosystem credit operations.  Moody’s Report. 

On February 1, S&P changed its loss assumptions for credit stress testing U.S. financial institutions.  S&P Release.

Note: Free registration is required for S&P and Moody’s releases and reports.