Moody’s

Rating Agency Developments

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On December 9, 2015, Moody’s published its global methodology for rating securities backed by pools of auto loans and auto leases to individuals. Report.

On December 8, 2015, Moody’s published its methodology for rating the temporary investment of cash in structured finance transaction accounts. Report.

On December 7, 2015, Fitch updated its criteria for recovery estimates and recovery ratings and clarified the notching guidance for unsecured debt of issuers rated in the ‘BB’ category and above. Report.

On December 4, 2015, Fitch updated its criteria for not-for-profit hospitals and health systems outside the U.S. Report.

On December 4, 2015, Moody’s updated and replaced its existing methodology for how Moody’s Loss Given Default framework is used in making rating distinctions. Report.

On December 3, 2015, Fitch updated its criteria for rating U.S. equipment lease and loan ABS. Report.

On December 3, 2015, Fitch published its Global Consumer ABS Rating Criteria for analyzing credit risk in asset-backed securities backed by consumer receivables globally. Report.

On December 3, 2015, Fitch updated its recovery ratings and notching criteria for equity REITs. Report.

On December 3, 2015, Kroll published its methodology for rating the financial strength of private mortgage insurance companies. Report.

On December 3, 2015, Kroll published its methodology for rating U.S. CMBS single borrower and large loan transactions. Report.

On December 3, 2015, Kroll published its methodology for rating U.S. CMBS multi-borrower transactions. Report.

On December 3, 2015, Kroll published its methodology for rating U.S. distressed commercial real estate liquidating trust securitizations. Report.

On December 3, 2015, Kroll updated its CMBS property evaluation methodology. Report.

Rating Agency Developments

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On November 17, 2015, Fitch published its updated Rating Criteria for U.S. Municipal Short-Term Debt.  Release.

On November 17, 2015, Fitch published its updated Surveillance Criteria for U.S. CREL CDOs.  Release.

On November 17, 2015, Moody’s published a rating methodology report entitled Publicly Managed Airports and Related Issuers.  Methodology.

On November 16, 2015, DBRS released a report entitled Rating U.S. Rental Car Securitizations.  Methodology.

On November 13, 2015, Fitch published its updated U.S. & Canadian Fixed-Rate Multiborrower CMBS Surveillance & U.S. Re-Remic Criteria.  Release.

Rating Agency Developments

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On October 1, DBRS published its U.S. RMBS rating methodology.  Methodology.

On October 1, DBRS published its rating methodology for European consumer and commercial ABS transactions.  Methodology.

On October 1, DBRS published its methodology for rating companies in the mining industry.  Methodology.

On October 1, DBRS published its methodology for rating operators in the container terminal industry.  Methodology.

On October 1, Fitch updated its criteria for rating U.S. RMBS.  Criteria.

On October 1, Moody’s published its methodology for rating public housing authority (PHA) capital fund bonds issued in the U.S. municipal market.  Methodology.

On October 2, Moody’s published its methodology describing its approach to monitoring existing securities backed by low-income residential construction loans to developers in Mexico.  Methodology.

On October 5, Fitch updated its methodology for analyzing U.S. Tobacco Settlement ABS.  Criteria.

On October 5, Fitch updated its global rating criteria for trade receivables securitizations.  Criteria.

On October 5, KBRA released a proposed U.S. Equity REITs & REOC rating methodology.  Methodology.

On October 5, Moody’s published its approach in considering data quality in structured finance transactions.  Methodology.

On October 6, DBRS published its methodology for rating sovereign governments.  Methodology.

On October 7, DBRS published its global methodology for rating life and property/casualty insurance companies and insurance organizations.  Methodology.

Rating Agency Developments

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On September 24, DBRS published a report describing its approach for monitoring European CMBS ratings.  Methodology.

On September 25, DBRS published its methodology for rating European RMBS transactions issued in Europe with residential loans originated in Europe.  Methodology.

On September 25, DBRS published its methodology for rating securitizations issued in Canada with collateral originated in Canada.  Methodology.

On September 28, Fitch updated its rating criteria for infrastructure and project finance.  Criteria.

On September 28, Moody’s published its rating methodology for corporate synthetic collateralized debt obligations.  Methodology.

On September 28, Moody’s published its rating methodology for collateralized loan obligations.  Methodology.

On September 28, Moody’s updated its methodology for rating securitization transactions backed predominately by loans granted to microenterprises, small- and medium-sized enterprises (SMEs) and self-employed individuals.  Methodology.

On September 29, Fitch updated its rating criteria for toll roads, bridges and tunnels.  Criteria.

On September 29, DBRS published its methodology for rating Portuguese electricity tariff securitizations.  Methodology.

On September 30, DBRS published a report describing the criteria applied in reviewing derivatives in the context of a European structured finance transaction.  Methodology.

On September 30, Moody’s published its methodology for assessing credit risk for companies in the restaurant industry.  Methodology.

Rating Agency Developments

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On August 27, 2015, Fitch updated its criteria for analyzing large loans in U.S. CMBS transactions.  Press Release.

On August 28, 2015, Fitch updated its UK Whole Business Securitization rating criteria.  Press Release.

On August 28, 2015, Fitch updated its EMEA RMBS rating criteria.  Press Release

On August 28, 2015, Moody’s published its methodology for assessing credit risk for companies in the independent refining and marketing industry.  Report.

Rating Agency Developments

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On August 18, Moody’s extended comment period on proposed clearing house global rating methodology to September 17, 2015.  Announcement.

On August 17, Fitch released its updated corporate rating methodology.  Methodology.

On August 13, DBRS published its updated methodology for rating project finance.  Methodology.

On August 13, DBRS published its updated methodology for rating companies in the independent power producer industry.  Methodology.

Rating Agency Developments

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On July 22, Moody’s republished its credit rating methodology report on EMEA CMBS transactions.  Report.

On July 20, DBRS published updated Canadian surveillance methodology for CDOs of large corporate credit.  Report.

On July 16, DBRS published updated rating methodology for North American commercial mortgage servicer evaluations.  Report.

Rating Agency Developments

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On May 22, DBRS released its methodology for rating entities in the real estate industry.  Report.

On May 21, DBRS released its methodology for reviewing ratings of Canadian structured finance and covered bond transactions.  Report.

On May 20, Moody’s released its methodology for rating trade receivables-backed transactions.  Report.

On May 20, Moody’s released its methodology for rating “credit tenant lease” (CTL) obligations.  Report.

On May 20, Moody’s released its methodology for rating corporate synthetic collateralized debt obligations (CSOs).  Report.

On May 19, Moody’s released its methodology for rating commercial mortgage backed securities (CMBS) in Europe, Middle East and Africa (EMEA).  Report.

On May 19, Fitch released its updated criteria for rating global aircraft operating lease ABS.  Report.

On May 18, Fitch updated its International Local and Regional Government Ratings Criteria.  Report.

On May 18, Fitch updated its U.S. Public Power Rating Criteria.  Report.

Rating Agency Developments

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On April 24, Fitch released its updated U.S. Auto Lease ABS Ratings Criteria.  Report.

On April 27, DBRS released its Rating Canadian Covered Bonds Methodology.  Report.

On April 27, S&P updated its Bank Rating Methodology and Assumptions to add a new Additional Loss-Absorbing Capacity component, effective immediately.  Report.

On April 28, Moody’s released its Rating Methodology for the Homebuilding and Property Development Industry. Report.

Rating Agency Developments

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On April 23, Fitch released its updated criteria for rating operational risk of U.S. servicers of RMBS and small balance commercial securities.  Report.

On April 23, Fitch released its updated criteria for rating operational risk of servicers of various structured finance products, including RMBS, CMBS, and ABS.  Report.

On April 22, Moody’s released its rating methodology for monitoring scheduled amortization UK student loan-backed securities.   Report.

On April 21, Fitch released its updated criteria for analyzing trust-preferred CDOs.  Report.

On April 17, DBRS released its updated criteria for commercial paper liquidity support for non-bank issuers. Report.

On April 17, DBRS released its criteria for rating market-linked securities.  Report.