CMBS

Global ABS 2012 Conference

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

On June 4, S&P issued two Requests for Comment articles on proposed changes to its CMBS criteria. The purpose of the proposed criteria is to improve and simplify the agency’s approach to rating CMBS offerings and to harmonize S&P’S approach to evaluating commercial real estate. S&P Release.

On June 6, Moody’s updated its rating methodology for RMBS in Europe, the Middle East and Africa. Moody’s Report.

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

Rating Agency Developments

On March 9, Fitch updated its dual-party pay criteria for long-term ratings on letter of credit-supported U.S. public finance bonds.  Fitch Report.

On March 9, Fitch announced that senior secured ratings of corporate property bonds issued by EMEA REITs or property investment companies (PICs) could attract an additional single notch above their senior unsecured ratings.  Fitch Release.

On March 9, S&P gave advance notice of proposed CDO criteria changes for securitizations backed predominantly by emerging market corporate debt.  S&P Release.

On March 8, S&P released its methodology for rating U.S. and Canadian stand-along and large loan CMBSS&P Report.

On March 6, S&P requested comments by June 6 on revised methodology and assumptions for rating U.S. local governmentsS&P Report.

On March 5, Fitch updated its non-U.S. public sector entities criteria.  Fitch Report.

Note: Free registration is required for Fitch and S&P releases and reports.

Rating Agency Developments – Week of January 30, 2012

On January 25, Fitch updated its global dealer floorplan rating criteria. Fitch Release.

On January 24, DBRS released its CMBS rating methodology. DBRS Release.

On January 23, S&P updated its U.S. interest rate criteria to include assumptions for the five-year CMT Index. S&P Release.

On January 23, DBRS released its U.S. RMBS securities loss model and rating methodology. DBRS Report.

On January 23, DBRS described its U.S. RMBS surveillance process. DBRS Report.

*Note: Free registration is required for Fitch and S&P reports.

Rating Agency Developments

On December 2, Moody’s updated its approach to rating fleet lease-backed ABS. Moody’s Report.

On December 1, Fitch released its surveillance criteria for U.S. CRE CDOs and CMBS large loan floating-rate transactions (floating-rate CMBS pools which have up to 50 loans remaining). Fitch Release.

On December 1, S&P requested comments on its methodology for rating U.S. public finance long-term municipal pools. S&P Release.

On November 29, S&P released definitions and related analytic practices for covenant and payment provisions in U.S. public finance revenue obligations. S&P Release.

On November 29, S&P released its rating approach for U.S. public finance obligations with multiple revenue streams. S&P Release.

On November 29, S&P revised its methodology for rating U.S. ABS auto lease securitizations. S&P Release.

On November 29, Fitch published updated criteria for rating linkages in nonbank financial subsidiary relationships. Fitch Release.

On November 21, S&P released a request for comments on a proposed expansion to its methodology and assumptions for assessing derivative obligations and certain amendments to other aspects of counterparty and supporting party risk criteria. S&P Release.

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

Rating Agency Developments

On October 27, Moody’s released is methodology for rating CMBS transactions in the period between the maturity date of the latest maturing loan and the final maturity date of the transaction (tail period). Moody’s Release.

On October 27, DBRS released its U.S. RMBS loss model and rating methodology. DBRS Release.

On October 26, DBRS released its master European RMBS rating methodology and jurisdictional agenda. DBRS Release.

On October 26, DBRS released its European covered bond rating methodology. DBRS Release.

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

Rating Agency Developments

On September 30, Fitch released its updated criteria for rating trade receivable securitizations. Fitch Release.

On September 28, S&P refined its methodology for its liquidity analysis for determining issuer credit ratings on global corporate issuers. S&P Release.

On September 26, Fitch updated its criteria for analyzing U.S. large loan CMBS. Fitch Release.

On September 23, S&P refined its methodology for assessing the impact of observed interest shortfalls on U.S. RMBS. S&P Release.

On September 19, S&P published its methodology for treatment of the U.S. government as insurer or guarantor, and government agency loan-level support, in structured finance and U.S. public finance transactions. S&P Release.

Note: Free registration is required for S&P and Fitch releases and reports.

 

Rating Agency Developments

On August 16, S&P requested comment on project finance construction and operations counterparty methodology. S&P Release.

On August 16, S&P updated its defeasance criteria for U.S. CMBS transactions. S&P Release.

On August 15 and 16, Fitch released reports on: (i) recovery ratings for financial institutions; (ii) securities firms; (iii) bank holding companies; (iv) financial institutions; (v) market value structures; (vi) U.S. closed-end funds; (vii) infrastructure and project finance; (viii) bond funds; (ix) APAC CMBS; (x) prepaid energy transactions; (xi) U.S. residential mortgage Re-REMICs; (xii) U.S. RMBS; (xiii) Prime RMBS loan loss models; (xiv) state housing finance agencies – single family mortgage program; (xv) state revolving fund and municipal loan pools; and (xvi) Japan CMBS surveillance.

On August 12, DBRS published a guide regarding its legal criteria for European structured finance transactions. DBRS Release.

Rating Agency Developments

On April 8, Fitch published a report on its treatment of junior corporate debt In Europe. Fitch Release. Fitch Report.

On April 7, Fitch issued its U.S. Federal Family Education Loan Program (FFELP) student loan rating criteria. Fitch Release.

On April 4, Fitch updated its global rating criteria for money market funds. Fitch Release. Fitch Report.

On April 4, Fitch published its EMEA CMBS rating criteria and legal assumptions. Fitch Rating Criteria. Fitch Legal Assumptions.

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