issuers

Federal Reserve Board Announces Expansion of Municipal Liquidity Facility

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On April 27, the Federal Reserve released an updated Term Sheet and FAQs expanding the scope and duration of its Municipal Liquidity Facility. Among other changes, the updated Term Sheet provides that eligible notes must have less than 36 months maturity (previously 24 months) and eligible issuers include counties with at least 500,000 residents and cities with at least 250,000 residents (previously 2 million and 1 million). The Federal Reserve also extended the program’s termination date by three months to December 31. Release. Updated Term Sheet. FAQs.

Rating Agency Developments

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On October 4, 2016, Moody’s published its approach to rating revenue bonds of U.S. municipal Joint Action Agencies (JAA). Report.

On October 3, 2016, DBRS published derivative criteria for European structured finance transactions. Report.

On October 3, 2016, Moody’s published its approach to assessing credit risk for rated issuers in the business and consumer service industry. Report.

On October 3, 2016, Moody’s published its approach to rating credit tenant lease and comparable lease financings. Report.

On October 3, 2016, Moody’s published its rating methodology for companies in the global integrated oil and gas industry. Report.

On September 30, 2016, Moody’s published methodology for rating debt issuance under certified capital company, new markets tax credit and similar programs. Report.

On September 29, 2016, Fitch published its methodology for assigning new and monitoring existing international ratings to aircraft enhanced equipment trust certificates (EETCs). Report.

Application of MSRB Rules to Underwriters of Municipal Securities

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On August 2, pursuant to Section 975 of the Dodd-Frank Act, the MSRB requested approval from the SEC for an interpretive notice relating to the application of MSRB Rule G-17 to underwriters of municipal securities. The notice would set forth requirements for underwriters regarding representations and disclosure to issuers. The MSRB anticipates the proposed notice will be effective 90 days after approval by the SEC. MSRB Release. MSRB Notice.