Ratings Definitions

Rating Agency Developments

On April 3, S&P released its methodology for CDOs and pooled TOBs backed by U.S. municipal debt. S&P Release.

On April 2, Moody’s released its approach to rating securities backed by FFELP student loans. Moody’s Report.

On April 2, Fitch updated its Ratings Definitions, removing the definition of Individual Rating, and adding Limitations of National ratings. Fitch Release.

Note: Free registration is required for Fitch, Moody’s and S&P releases and reports.

Rating Agency Updates

On October 15, Fitch updated its global rating methodology for CDOs backed by structured finance assets. Fitch Release.

On October 15, DBRS released its commercial real estate non-performing loan liquidating trust methodology. DBRS Release.

On October 18, Moody’s revised its framework for reviewing hedges in connection with highly-rated structured finance cashflow transactions. Moody’s Report.

On October 18, Moody’s revised its approach for evaluating jointly supported letter of credit-backed transactions and introduced its global Joint Default Analysis methodology. Moody’s Report.

On October 15, Fitch revised its Ratings Definitions to modify the linkage between long- and short-term ratings and the definition of Expected Ratings. Fitch Release.

On October 20, Moody’s listed important factors in its analyses of Japanese ABS which incorporate declarations of trust. Moody’s Release.

On October 20, DBRS released its methodology for rating Canadian trade receivables securitization transactions. DBRS Release.

Note

: Free registration is required for Fitch and Moody’s releases and reports.