CMBS

Rating Agency Developments (August 24 – September 1)

 

On September 1, KBRA published its Structured Finance: CMBS report titled Coronavirus (COVID-19): Affiliate of On-Demand Office Provider Regus Files for Bankruptcy—CMBS Exposure Examined. Report.

On September 1, DBRS Morningstar published its methodology titled DBRS Morningstar Global Structured Finance Related Methodologies. Methodology.

On August 28, DBRS Morningstar published its methodology titled U.S. Residential Mortgage Servicer Rankings. Methodology.

On August 28, DBRS Morningstar published its methodology titled U.S. Residential Mortgage Originator Rankings. Methodology.

On August 28, KBRA published its report titled CMBS/RMBS: Single-Borrower SFR Comprehensive Surveillance. Report.

On August 27, KBRA published its rating methodology titled ABS: Global Auto Loan ABS Rating. Methodology.

On August 24, KBRA published its research report titled Structured Credit: Coronavirus (COVID-19): U.S. BSL CLO Sector Exposure Map: July 2020. Report.

Rating Agency Developments

 

On April 9, Fitch published a report entitled: “U.S. Credit Card ABS Performance Mixed.” Report.

On April 8, Fitch published a report entitled: “U.S. CMBS Delinquency Rate Posts Increase in March.” Report.

On April 4, S&P published criteria and guidance reports entitled: “Structured Finance – ABS: U.S. FFELP Student Loan ABS: Methodology and Assumptions.” Criteria. Report.

Rating Agency Developments

 

On December 7, 2016, Moody’s published its ratings methodology for sustainable net cash flow and value for CMBS and CRE CDO CLO real estate collateral in the Americas and ex-Japan Asia Pacific. Report.

On December 6, 2016, DBRS published its methodology for rating European covered bonds. Report. Addendum.

On December 1, 2016, DBRS updated its master ratings methodology for U.S. asset-backed securitizations (“ABS“). Report.

On December 1, 2016, DBRS updated its ratings methodology for U.S. structured finance transactions. Report.

On December 1, 2016, DBRS updated its methodology for evaluating U.S. ABS originators. Report.

On December 1, 2016, DBRS updated its methodology for evaluating U.S. ABS servicers. Report.

On December 1, 2016, Fitch updated its U.S. RMBS master rating criteria. Report.

On December 1, 2016, Fitch updated and merged its ratings criteria for analyzing U.S. RMBS backed by seasoned performing, re‑performing and non‑performing loans purchased in the secondary market and issued starting in 2014. Report.

On December 1, 2016, Fitch updated its global consumer ABS rating criteria for analyzing ABS backed by consumer receivables globally. Report.

On December 1, 2016, Fitch updated its ratings criteria for analyzing large loans in CMBS. Report.

Rating Agency Developments

 

On November 30, 2016, Fitch published its U.S. water and sewer revenue bond rating criteria. Report.

On November 29, 2016, Fitch published its rating criteria for RMBS transactions in Europe, Middle East and Africa (EMEA). Report.

On November 29, 2016, Fitch published its rating criteria for GARVEE bonds. Report.

On November 28, 2016, DBRS published an update to its approach to rating U.S. RMBS transactions. Report.

On November 28, 2016, Moody’s published its approach to rating Europe, Middle East and Africa (EMEA) CMBS transactions. Report.

Rating Agency Developments

 

On October 17, 2016, DBRS issued a report entitled: CMBS North American SurveillanceReport.

On October 14, 2016, Moody’s issued a report entitled: Moody’s Approach to Rating Securities Backed by Pools of Both FFELP and Private Student Loans. Report.

On October 14, 2016, DBRS issued a report entitled: Global Methodology for Rating Finance CompaniesReport.

Rating Agency Developments

 

On August 22, 2016, Fitch issued an amended report outlining its Criteria for Rating Granular Corporate Balance-Sheet Securitizations. Report.

On August 22, 2016, Fitch issued a report titled: Global Bond Fund Rating Criteria. Report.

On August 19, 2016, Fitch issued a report titled: Global Consumer ABS Rating Criteria. Report.

On August 18, 2016, Fitch revised its criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions. Report.

Rating Agency Developments

 

On August 10, 2016, KBRA published its rating methodology for global closed-end fund securities issuances. Report.

On August 10, 2016, KBRA published its rating methodology for global investment funds. Report.

On August 10, 2016, KBRA published its rating methodology for enhanced equipment trust certificates and secured aircraft debt. Report.

On August 10, 2016, KBRA published its rating methodology for global passenger airlines. Report.

On August 9, 2016, Fitch updated its rating criteria for sports facilities, leagues and franchises. Report.

On August 8, 2016, S&P published its methodology for rating corporate cash flow and synthetic collateralized debt obligations (CDOs). Report.

On August 8, 2016, S&P published its methodology for rating above the sovereign in structured finance transactions. Report.

On August 4, 2016, Fitch published its rating criteria for SHFA mortgage insurance or guarantee funded programs. Report.

On August 4, 2016, Fitch updated its rating criteria for commercial mortgage-backed securities and loans in EMEA. Report.

Rating Agency Developments

On August 2, 2016, Moody’s issued a report entitled: Moody’s Approach to Rating Securitisations Backed by Non-Performing and Re-Performing Loans.  Report.

On August 1, 2016, S&P issued a report entitled: General: Global Methodology for Rating Retranchings of ABS, CMBS, and RMBS.  Report.

On July 29, 2016, DBRS issued a report entitled: Global Methodology for Rating Banks and Banking Organisations.  Report.

On July 28, 2016, Fitch issued a report entitled: Fitch Updates Global Rating Criteria for CLOs and Corporate CDOs.  Report.

On July 28, 2016, Fitch issued a report entitled: Fitch: No Rating Changes from Update to Global LMI Criteria in RMBS.  Report.

Rating Agency Developments

On July 19, 2016, DBRS published its criteria for rating CLOs backed by loans to European SMEs (small and medium-sized enterprises).  Report.

On July 18, 2016, Fitch published its criteria for assigning new and existing ratings to sovereign issuersReport.

On July 18, 2016, Fitch published an addendum that supplements its counterparty criteria for structured finance and covered bondsReport.

On July 14, 2016, DBRS published an update to its criteria for evaluating servicers in North American CMBS transactions.  Report.

On July 14, 2016, DBRS published its criteria for rating European covered bondsReport.

On July 14, 2016, DBRS published its master European structured finance surveillance methodology.  Report.

Rating Agency Developments

On June 8, 2016, Fitch issued a report entitled: Fitch Updates Distressed Debt Exchange Rating Criteria.  Press release.

On June 7, 2016, Moody’s issued a report entitled: Global Property and Casualty Insurers.  Report.

On June 6, 2016, Kroll issued a report entitled: Methodology for Rating Interest-Only Certificates in CMBS Transactions.  Report.

On June 6, 2016, Fitch issued a report entitled: Fitch Publishes Rating Criteria for SHFA MBS Pass-Through Bonds.  Press release.

On June 6, 2016, Fitch issued a report entitled: Fitch Publishes The Annual Manual: U.S. Leveraged Finance Primer.  Press release.

On June 2, 2016, S&P issued a report entitled: ABS: North America Railcar Lease-Backed ABS Methodology And Assumptions.  Report.