PACE

Rating Agency Developments

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On July 28, DBRS published methodology for conducting operational risk assessments for U.S. asset-backed securities originators.  Report.

On July 28, 2015, DBRS published methodology for conducting operational risk assessments for U.S. asset-backed securities servicers.  Report.

On July 28, DBRS published methodology for rating U.S. property assessed clean energy (PACE) securitizations.  Report.

On July 28, DBRS published methodology for rating Canadian split share companies and trusts.  Report.

On July 28, DBRS published methodology for assigning and reviewing stability ratings for Canadian structured income funds.  Report.

On July 24, Fitch published a new investor FAQ report on EMEA oil and gas.  Release.

On July 23, Fitch updated its global covered bonds master criteria.  Release.

On July 23, Fitch published rating criteria for SHFA mortgage insurance or guarantee fund programs.  Release.

On July 23, Fitch published updated insurance-linked securities (ILS) methodology.  Release.

On July 23, Fitch released final criteria for rating public sector counterparty obligations in PPP Transactions.  Release.

FHFA Proposes Rule for PACE Programs

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On June 15, the FHFA, as required by a preliminary injunction from the Northern District Court of California, issued a notice of proposed rulemaking on state and local energy retrofit financing arrangements known as Property Assessed Clean Energy, or PACE. FHFA, as conservator, had directed Fannie Mae and Freddie Mac not to purchase any mortgage where PACE financing with a priority lien was placed on the underlying property. Comments must be submitted by July 30. Notice of Proposed Rulemaking.