covered bonds

Rating Agency Developments

On February 7, Fitch updated its criteria for asset related risks of commercial real estate loans used as collateral for covered bonds.  Fitch Report.  

On February 6, Moody’s released methodology for U.S. Housing Finance Agency single family programsMoody’s Report.  

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Rating Agency Developments

On February 1, Fitch updated its methodology for analyzing non-performing loan securitizations.  Fitch Report. 

On February 1, Fitch updated the public sector liquidity and spread assumption addendum for its covered bonds criteria.  Fitch Report. 

On January 30, Fitch published criteria for its asset analysis of European public entities’ covered bonds.  Fitch Report. 

On January 29, Fitch updated its private student loan ABS criteria.  Fitch Report. 

On January 28, S&P requested comments on its project finance methodology.  S&P Release.

Rating Agency Developments

On November 14, S&P requested comments on its proposal to revise its hybrid capital criteria for corporate issuers.  Comments must be submitted by December 16.  S&P Release. 

On November 14, DBRS published its CMBS North American surveillance methodology.  DBRS Report. 

On November 14, DBRS published its European CMBS rating methodology.  DBRS Report. 

On November 13, Fitch published a report summarizing feedback received on its updated covered bonds rating criteria.  Fitch Report.

On November 13, Fitch updated its corporate recovery ratings criteria.  Fitch Report. 

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Rating Agency Developments

On August 17, S&P updated its outlook assumptions for the U.K. residential mortgage market.  S&P Report. 

On August 15, Fitch updated its criteria for securities firms.  Fitch Report. 

On August 15, Fitch updated its financial institutions recovery ratings criteria. Fitch Report. 

On August 15, Fitch updated its criteria for market value structures.  Fitch Report. 

On August 15, Fitch updated its criteria for U.S. closed-end funds.  Fitch Report. 

On August 15, Fitch updated its global financial institutions master criteria.  Fitch Report. 

On August 14, Fitch updated its tax-supported rating criteria.  Fitch Report. 

On August 14, Fitch updated its non-financial corporate recovery ratings and notching criteria.  Fitch Report. 

On August 14, Fitch updated its global bond fund rating criteria.  Fitch Report.

On August 13, Moody’s updated its criteria for Mexican RMBS.  Moody’s Report.

On August 13, Fitch updated its sovereign rating criteria.  Fitch Report.

On August 13, Fitch updated is country ceilings criteria.  Fitch Report. 

On August 13, DBRS updated its stability ratings for Canadian structured income funds.  DBRS Report. 

On August 13, DBRS updated its criteria for Canadian split share companies and trusts.  DBRS Report. 

On August 10, Fitch updated is U.S. Re-REMIC criteria.  Fitch Report.

On August 10, Fitch updated is U.S. RMBS surveillance criteria.  Fitch Report.

On August 10, Fitch updated is U.S. RMBS loan loss model criteria.  Fitch Report.

On August 10, Fitch updated its structured finance servicing continuity risk criteria.  Fitch Report. 

On August 10, Fitch updated its criteria for analysis of CRE loans securing covered bonds.  Fitch Report. 

On August 10, Fitch updated its criteria for financial institution subsidiaries and holding companies.  Fitch Report.  

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Rating Agency Developments

On August 9, Fitch updated its UK mortgage loan assumptions.  Fitch Report. 

On August 9, Fitch updated its criteria for UK whole business securitizations.  Fitch Report.

On August 9, S&P updated its methodology for U.S. RMBS backed by pre-2009 collateral.  S&P Report. 

On August 8, Fitch updated its corporate rating methodology.  Fitch Report. 

On August 8, Fitch published its updated insurance-linked securities rating criteria.  Fitch Release.  Fitch Criteria.

On August 8, Fitch updated its criteria for automated valuation models in EMEA RMBS.  Fitch Release.  Fitch Report.

On August 8, Fitch updated its global rating criteria for corporate CDOs.   Fitch Release.  Fitch Report.

On August 8, Fitch updated its rating criteria for currency swap obligations of an SPV in structured finance transactions.  
Fitch Release.  Fitch Report.  

On August 8, Fitch updated its rating criteria for multiborrower U.S. CMBS.  Fitch Release.  Fitch Report.

On August 8, Fitch updated its global rating criteria for distressed debt exchanges.  Fitch Release.  Fitch Report.

On August 7, Fitch issued a special report on risk considerations for REO-to-Rental securitizations.   Fitch Release.  Fitch Report.

On August 7, Fitch updated its rating criteria for prepaid energy transactions.   Fitch Release.  Fitch Report.

On August 7, Fitch updated its mortgage loss assumptions for German RMBS and covered bonds.  Fitch Report.  

On August 3, Fitch updated its U.S. water and sewer revenue bond criteria.  Fitch Report.

On August 3, DBRS updated its methodology for capital call lending facilities.  DBRS Report. 

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Rating Agency Developments

On August 3, Fitch updated its Asia-Pacific RMBS criteria. Fitch Report.

On August 3, Fitch updated its Australian RMBS criteria. Fitch Report.

On August 3, DBRS updated its Canadian provincial government criteria. DBRS Report.

On August 3, DBRS updated its Canadian municipal government criteria. DBRS Report.

On August 2, Fitch updated its criteria for toll roads, bridges, and tunnels. Fitch Report.

On August 2, Fitch updated its criteria for rating caps in global structured finance transactions. Fitch Report.

On August 2, Fitch updated its Asia-Pacific consumer ABS criteria. Fitch Report.

On July 30, Fitch updated its Italian residential mortgage criteria assumptions. Fitch Report.

On July 30, Moody’s released its methodology for covered bonds. Moody’s Report.

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Rating Agency Developments

On June 29, Fitch updated its U.S. RMBS representations and warranties criteria. Fitch Report.

On June 28, Fitch updated its criteria for existing asset securitization in emerging markets. Fitch Report.

On June 26, S&P released its methodology for covered bonds. S&P Report.

On June 26, Fitch released an updated report on rating guidelines for confirming letter of credit-supported bonds. Fitch Report.

On June 22, Fitch updated its criteria for solid waste revenue bonds. Fitch Report.

On June 22, Fitch updated its criteria for credit card ABS. Fitch Report.

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Rating Agency Developments

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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Rating Agency Developments

On October 6, Fitch published an exposure draft on counterparty criteria for covered bonds.  Fitch anticipates reviewing the covered bond ratings of programs affected by the  final criteria over a six month period after the publication of the final criteria. Fitch Release. Fitch Exposure Draft.

On October 4, Fitch updated its EMEA auto residual value ABS criteria. Fitch Release. Fitch Criteria.

Senate Hearing on Covered Bonds

On September 15, the Senate Committee on Banking, Housing and Urban Affairs held a hearing on the potential uses of and regulatory issues concerning covered bonds. Witnesses testifying included Honorable Scott Garrett, New Jersey, Julie L. Williams, First Senior Deputy Comptroller and Chief Counsel, OCC, Michael H. Krimminger, Deputy to the Chairman, FDIC, Scott A. Stengel, Partner, Orrick, Herrington & Sutcliffe LLP, on behalf of the U.S. Covered Bond Council, Securities Industry and Financial Markets Association, Kenneth A. Snowden, Professor, University of North Carolina at Greensboro, and Ric Campo, CEO, Camden Property Trust, on behalf of National Multi-Housing Council. Senate Testimony. Proposed Bill.  Hearing Webcast.