priority of payments

Rating Agency Developments

On March 17, Fitch published its global rating criteria for analyzing servicing continuity risk in structured finance transactions.  Fitch Release. 

On March 18, Fitch published a special report clarifying its treatment of rated closed-end fund (CEF) liabilities that carry ‘make-whole’ or other prepayment penalties.  Fitch Release.  Fitch Report

On March 17, S&P published supplemental criteria for assessing structured finance transactions that allow for changes in the priority of payments to subclasses within a specified series of notes following a non-monetary event of default.  S&P Release. 

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