EMEA

Rating Agency Developments

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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

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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

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On June 7, Fitch released its criteria for Japanese CMBS surveillance.  Fitch Report. 

On June 6, Fitch released updated EMEA RMBS criteria, including (i) its master rating criteria for EMEA RMBS transactions; (ii) its criteria for the analysis of cash flows in EMEA RMBS transactions and (iii) its EMEA residential mortgage loss criteria.  Fitch EMEA Master Criteria Report.  Fitch EMEA Cashflows Report.  Fitch EMEA Mortgage Loss Report. 

On June 4, Moody’s released its global structured finance operational risk guidelines.  Moody’s Report. 

On June 3, Fitch updated its covered bonds rating criteria with a mortgage liquidity and refinance stress addendum.  Fitch Report. 

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Rating Agency Developments

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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

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On December 9, Moody’s requested comment on proposed changes to its methodology for its RMBS collateral analysis model (MILAN). Moody’s Report.

On December 9, Moody’s requested comment on a framework for stressing house prices in RMBS transactions in EMEA. Moody’s Report.

On December 9, S&P released its U.K. RMBS methodology and assumptions. S&P Release.

On December 9, S&P provided its outlook assumptions for the U.K. residential mortgage market. S&P Release.

On December 9, S&P requested comment on its proposed methodology for assessing when a guarantor’s failure to honor a payment obligation would constitute a default and how this default would affect the guarantor’s issuer credit rating. S&P Release.

On December 8, S&P requested comment on updates to its criteria for assessing temporary investments in rated securities. S&P Release.

On December 6, DBRS released its master U.S. ABS surveillance methodology. DBRS Methodology.

On December 6, DBRS released its U.S. structured settlement ABS methodology. DBRS Methodology.

On December 5, Fitch updated its U.S. residential mortgage servicer advance receivable trust rating criteria. Fitch Report.

On December 5, Fitch updated its criteria for U.S. wireless tower transactions. Fitch Report.

On December 2, Moody’s released its fundamentals of credit analysis for lease-backed municipal obligations. Moody’s Report.

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Rating Agency Developments

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On June 17, Fitch withdrew its criteria for rating RMBS in emerging markets – EMEA. Fitch Release.

On June 14, DBRS released its master European granular corporate securitization (SME CLO) methodology. DBRS Release.

On June 13, Moody’s published a special report on its approach to analyzing legal risks for Dutch bank mortgages in securitizations and covered bond transactions. Moody’s Release.

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Rating Agency Developments

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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.

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Rating Agency Developments

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On February 23, Fitch published its methodology for assessing credit risk in EMEA (Europe, Middle East and Africa) residential mortgage loans.  This report will replace the country-specific reports previously in use in EMEA.  Fitch Release. 

On February 23, Fitch updated its residential mortgage loss criteria assumptions in the following countries:  the UK, Germany, France, Spain, Italy, Holland, Ireland, and Belgium.  UK Release.  German Release.  French Release.  Spanish Release.  Italian Release.  Dutch Release.  Irish Release.  Belgian Release. 

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