REITs

SIFMA Sends Comment Letters to FHFA on Credit Risk Transfer

Posted on

 

SIFMA, along with the Association of Mortgage Investors and the National Association of Real Estate Investment Trusts, and separately along with the ABA, AMI, HPC, MBA, and SFIG, submitted comment letters to the FHFA in response to the FHFA request for comments on the GSEs credit risk transfer programs, particularly with respect to exploration of more “front end” risk transfer options that share risk with the private sector before, or concurrently with, the purchase of loans by the GSEs. SIFMA, AMI, NAREIT Comment Letter Joint Trades Comment Letter.

Rating Agency Developments

Posted on

On March 1, S&P requested comments by March 30 on rating methodology and assumptions for derivative product companies.  S&P Request for Comment.

On February 28, Fitch updated its U.S. municipal structured finance criteria.  Fitch Report.

On February 27, S&P released FAQs on its revised principal stability fund / money market fund criteria.  S&P FAQs.

On February 27, Fitch published criteria on U.S. mortgage REITs and similar finance companies.  Fitch Report.

On February 27, Fitch published criteria on U.S. equity REITs and REOCs (real estate operating companies). 
Fitch Report.

Note: Free registration is required for Fitch and S&P releases and reports.

Rating Agency Developments

Posted on

On March 17, Fitch released new regional rating criteria for Latin America RMBS, and a Mexican RMBS Addendum, which incorporates an increased data analysis observation period for Mexican RMBS transactions. Fitch Release.

On March 17, S&P updated its methodology for rating unregulated issuers’ hybrid instruments and for classifying the equity content of these instruments. S&P Release.

On March 15, Fitch published its criteria for rating U.S. equity REITs and REOCs. Fitch Release.

On March 15, Fitch published its criteria for rating U.S. mortgage REITs and similar finance companies. Fitch Release.

On March 14, Fitch published a comment that the recent out-of-court settlement between the Lehman debtors and the Dante trustee leaves continuing conflicts of law and uncertainty for cash flow structured finance transactions that have interest and currency rate swaps and “flip clauses”. Fitch Comment.

On March 14, Fitch updated its structured finance counterparty criteria. Fitch Release.

On March 14, Fitch published its covered bonds counterparty criteria. Fitch Release.

On March 14, S&P requested comments on its proposed methodology for rating nonsovereign issuers and structured finance transactions that exceed European Monetary Union sovereign ratings. Comments must be submitted by March 28. S&P Release.

Note: Free Registration is required for Fitch and S&P releases and reports.

Rating Agency Developments

Posted on

On August 6, S&P revised its methodology and assumptions for leveraged super senior CDOs. S&P Release.

On August 4, S&P updated its criteria related to cash flow assumptions for tobacco settlement-backed securitizations to provide additional transparency for its assumptions. S&P Release.

On July 30, Moody’s updated its methodology that details how it rates REITs and other commercial real estate firms.  Moody’s does not anticipate changes to public ratings as a result of these updates. Moody’s Release.

On August 5, DBRS released criteria on guarantees and other forms of explicit support. DBRS Release.

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

Rating Agency Developments

Posted on

On May 17, Fitch published a report entitled “Criteria for Rating U.S. Mortgage REITs and Similar Finance Companies” that addresses long-term Issuer Default Ratings (IDRs) for mortgage real estate investment trusts (REITs) and similar finance companies, as well as credit ratings for corporate debt obligations and preferred stock of these issuers. Fitch Release. Fitch Report.

On May 19, S&P requested comments on proposed changes to its methodology for evaluating insurers’ economic capital models through a refinement of its current enterprise risk management criteria. S&P Release. 

On May 18, S&P updated its rating assumptions for problem assets and credit costs of Russian banks. S&P Release.

On May 11, DBRS published methodology for stability ratings for structured income funds. DBRS Methodology. 

On May 6, Moody’s issued a request for comment regarding its approach to operational risk in global structured finance transactions. Comments on the report are requested by June 15. Moody’s Release.

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

Rating Agency Developments

Posted on

On April 22, Fitch announced its plan to address the implementation of the recent amendment to SEC Rule 17g-5 related to disclosures with respect to structured finance credit ratings.  Fitch Release.

On April 19, S&P updated its methodology and assumptions for rating U.S. credit card ABS.  S&P Release.

On April 15, S&P revised its methodology for rating interest-only (IO) securities.  S&P Release.

On April 16, Fitch addressed long-term Issuer Default Ratings (IDRs) for equity real estate investment trusts (REITs) and real estate operating companies (REOCs), as well as credit ratings for revolving credit facilities, long-term senior debt obligations, and preferred stock of these issuers.  Fitch Release.  Fitch Report.

On April 22, DBRS released its methodology for rating U.S. insurance premium finance securitizations.

 DBRS Release.

Note: Free registration is required for S&P and Fitch releases and reports.