On October 10, DBRS released methodology for structured finance CDO restructurings. DBRS Report.
On October 5, Moody’s released its approach to rating derivative product companies. Moody’s Report.
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On September 13, Fitch updated its global rental fleet ABS criteria. Fitch Report.
On September 13, Fitch updated its global criteria for cash flow analysis in CDOs. Fitch Report.
On September 11, DBRS released its criteria for Canadian structured finance transactions, ABCP, and structured finance hedge counterparties. DBRS Structured Finance Report. DBRS ABCP Report. DBRS Hedge Counterparty Report.
On September 11, Fitch updated its sovereign rating model. Fitch Release. Fitch Report.
On September 10, Fitch updated its covered bond criteria. Fitch Report.
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.
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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.
On April 3, S&P released its methodology for CDOs and pooled TOBs backed by U.S. municipal debt. S&P Release.
On April 2, Moody’s released its approach to rating securities backed by FFELP student loans. Moody’s Report.
On April 2, Fitch updated its Ratings Definitions, removing the definition of Individual Rating, and adding Limitations of National ratings. Fitch Release.
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On March 14, S&P revised its criteria for using third-party due diligence results to assess U.S. residential loan types, including prime, Alt-A, HELOC and subprime. Changes from the previous criteria include (i) provision for modified sampling for flow originations; (ii) provision for accepting data in the ASF file format; (iii) removal of the potential link between an RMBS rating and the rating of the representations and warranties provider, as well as the resulting impact on due diligence sampling; and (iv) clarification regarding the materiality of regulatory compliance findings. S&P Report.
On March 14, S&P revised representations and warranties criteria for U.S. RMBS. S&P Report.
On March 13, S&P revised its default and correlation parameters for sovereign debt assets in CDOs. S&P Report.
On March 13, S&P released its methodology for CDOs and pooled TOBs backed by U.S. municipal debt. S&P Report.
On March 13, Fitch published an exposure draft on revised criteria for counterparty risk in covered bond programmes. Fitch Exposure Draft.
On March 12, Fitch published an exposure draft of its criteria for analyzing counterparty risk in structured finance transactions. Feedback is requested by April 13. Fitch Release. Fitch Exposure Draft.
On March 12, S&P released its methodology for U.S. federal future flow securitizations. S&P Release.
On March 12, S&P requested comment by April 12 on proposed criteria for evaluating enterprises’ management and governance. S&P Release.
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On October 12, S&P requested comments on proposed changed to the methodologies it uses to rate CDOs backed by structured finance securities. S&P Release.
On October 12, S&P requested comment on proposals to update its methodology for rating CDOs and TOBs backed by pools of municipal debt. S&P Release.
On October 11, DBRS released its U.S. RMBS loss model and rating methodology. DBRS Release.
On October 11, DBRS released a unified interest rate model for U.S. RMBS. DBRS Release.
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On March 10, 2011, lead plaintiffs in an investor class action against Credit Suisse Group AG and related individual defendants filed an unopposed motion in the US District Court for the Southern District of New York asking Judge Marrero to preliminarily approve a $70 million settlement in that action on behalf of all defendants. The investors had sued Credit Suisse for claims under Sections 10(b) and 20(a) of the Exchange Act, alleging that Credit Suisse had inflated its stock price by falsely representing to investors that the firm was successful in limiting the risk and losses of its RMBS and CDOs from the subprime and credit crises because it had exceptional risk management practices and internal controls. The proposed settlement class includes all purchasers of Credit Suisse American Depository Shares on the NYSE and all US residents who purchased Credit Suisse common stock on the Swiss Stock Exchange from February 15, 2007 through April 14, 2008 who have not otherwise timely opted out of the class. Notice. Settlement Agreement. Second Amended Class Complaint.
On October 15, Fitch updated its global rating methodology for CDOs backed by structured finance assets. Fitch Release.
On October 15, DBRS released its commercial real estate non-performing loan liquidating trust methodology. DBRS Release.
On October 18, Moody’s revised its framework for reviewing hedges in connection with highly-rated structured finance cashflow transactions. Moody’s Report.
On October 18, Moody’s revised its approach for evaluating jointly supported letter of credit-backed transactions and introduced its global Joint Default Analysis methodology. Moody’s Report.
On October 15, Fitch revised its Ratings Definitions to modify the linkage between long- and short-term ratings and the definition of Expected Ratings. Fitch Release.
On October 20, Moody’s listed important factors in its analyses of Japanese ABS which incorporate declarations of trust. Moody’s Release.
On October 20, DBRS released its methodology for rating Canadian trade receivables securitization transactions. DBRS Release.
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On September 21, Moody’s released a report explaining its views on legal risk in structured finance ratings. Moody’s Release.
On September 17, S&P proposed criteria for evaluating counterparty risk for funds with principal stability fund ratings and fund credit quality ratings, including the use of repos. Comments are requested by October 18. S&P.
On September 17, Fitch updated its global rating criteria for cash flow analysis of CDOs. Fitch Release. Fitch Report.
On September 22, Moody’s published a rating methodology to explain its approach in analyzing the intrinsic financial strength of English housing associations. Moody’s Release.
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