On July 26, 2016, Moody’s published its ratings methodology for Lease, Appropriation, Moral Obligation and Comparable Debt of US State and Local Governments. Report.
Moody’s
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.
Rating Agency Developments
Federal Appellate Court Reinstates RMBS Action Against Moody’s
On May 2, 2016, the First Circuit Court of Appeals reinstated a $5.9B suit brought by the Federal Home Loan Bank of Boston (“FHLBB”), alleging that Moody’s Corp and Moody’s Investor’s Service, Inc. (together, “Moody’s”) knowingly provided false ratings on certain Residential Mortgage-Backed Securities purchased by FHLBB. The case had been dismissed for lack of personal jurisdiction by Judge George A. O’Toole Jr. of the District of Massachusetts, who also held that the court could not transfer the case to another federal court where jurisdiction would be proper because 28 U.S.C. §1631 only permitted the transfer of cases dismissed for lack of subject matter jurisdiction, rather than personal jurisdiction.
The First Circuit vacated that decision, concluding that the plain language of 28 U.S.C. §1631, the statute’s legislative history, and case law from other Circuits all weighed in favor of a ruling that the statute also permits transfer where the claims at issue were dismissed on either personal or subject matter jurisdiction grounds. Accordingly, the First Circuit remanded the case to the district court to determine whether transfer was “in the interests of justice,” in accord with the statutory requirement for transfer under 28 U.S.C. §1631. Decision.
Rating Agency Developments
On May 3, 2016, DBRS published its rating methodology for pooled aircraft lease securitizations. Report.
On May 3, 2016, DBRS published its master U.S. ABS surveillance methodology. Report.
On May 3, 2016, S&P published its rating methodology for counterparty instruments. Report.
On April 29, 2016, Moody’s updated its rating methodology for global title insurers. Report.
On April 29, 2016, Moody’s updated its rating methodology for global reinsurers. Report.
On April 29, 2016, Moody’s updated its rating methodology for financial guarantors. Report.
On April 29, 2016, Moody’s updated its rating methodology for global trade credit insurers. Report.
On April 29, 2016, Moody’s updated its rating methodology for global life insurers. Report.
On April 29, 2016, Moody’s updated its rating methodology for global property and casualty insurers. Report.
On April 29, 2016, Moody’s updated its rating methodology for mortgage insurers. Report.
On April 29, 2016, Moody’s updated its rating methodology for U.S. health insurance companies. Report.
On April 29, 2016, DBRS published its rating methodology for Canadian structured finance transactions. Report.
Rating Agency Developments
On March 30, 2016, Moody’s published its rating methodology for assessing green bonds. Report.
On March 30, 2016, DBRS published its methodology for rating Canadian structured finance instruments. Report.
On March 30, 2016, DBRS updated and is requesting comment on its methodology for analyzing the credit risk of European RMBS. Report.
On March 30, 2016, DBRS published and is requesting comment on its methodology for analyzing Spanish mortgages. Report.
On March 29, 2016, DBRS published and is requesting comment on its methodology for conducting surveillance on U.S. ABS. Report.
On March 29, 2016, DBRS published and is requesting comment on its operational risk assessment methodology for U.S. ABS servicers. Report.
On March 29, 2016, DBRS published and is requesting comment on its operational risk assessment methodology for U.S. ABS originators. Report.
On March 29, 2016, DBRS published and is requesting comment on its methodology for rating pooled aircraft lease securitizations. Report.
On March 24, 2016, DBRS published its rating methodology for supranational institutions, or multilateral financial institutions (MFIs). Report.
On March 24, 2016, Fitch updated its rating criteria for U.S. auto lease ABS. Press Release.
On March 24, 2016, S&P published its methodology and assumptions for U.S. tobacco settlement securitizations. Report.
Rating Agency Developments
On March 23, Moody’s updated its rating methodology for rating securitizations backed by Non-Performing and Re-Performing Loans. Report.
Rating Agency Developments
On January 8, 2016, Fitch updated its criteria for rating investment holding companies. Report.
On January 7, 2016, Moody’s updated and replaced its existing methodology for rating banks. Report.
On January 7, 2016, Moody’s published its methodology for rating central counterparty clearing houses (CCPs). Report.
Rating Agency Developments
On January 6, DBRS published its methodology for rating European commercial mortgage loans and European CMBS transactions. Report.
On January 4, DBRS published its preferred share and hybrid security criteria for corporate issuers. Report.
On January 4, DBRS published its methodology for rating holding companies and their subsidiaries. Report.
On January 4, DBRS published its methodology for rating CLOs backed by loans to European Small and Medium-Sized Enterprises (SMEs). Report.
On January 4, DBRS published its methodology for rating European RMBS transactions. Report.
On December 31, DBRS published its methodology for rating European structured finance servicers. Report.
On December 31, Moody’s published its rating methodology for investment holding companies and conglomerates. Report.
Rating Agency Developments
On December 16, 2015, Fitch released updated Criteria Assumptions for UK Residential Mortgages. Press release.
On December 16, 2015, Fitch released updated EMEA RMBS Rating Criteria, which had no impact on existing ratings. Press release.
On December 15, 2015, S&P issued Structured Finance Temporary Interest Shortfall Methodology, effective immediately (except where notification or registration is required). Report.
On December 15, 2015, DBRS released a report entitled Global Methodology for Rating Banks and Banking Organisations. Report.
On December 15, 2015, DBRS released a report entitled DBRS Criteria: Support Assessments for Banks and Banking Organisations. Report.
On December 15, 2015, DBRS released a report entitled Master European Structured Finance Surveillance Methodology. Report.
On December 15, 2015, DBRS released a report entitled Operational Risk Assessment for European Structured Finance Originators. Report.
On December 14, 2015, Moody’s published its Global Approach to Rating Collateralized Loan Obligations. Report.
On December 10, 2015, Fitch released updated Criteria for Analysis of Commercial Real Estate Loans Securing Covered Bonds. Press release.