REOCs

Rating Agency Developments

On February 27, Fitch published updated criteria on U.S. municipal structured finance.  Fitch Report.   

On February 26, Fitch published criteria on U.S. mortgage REITs and similar finance companies.  Fitch Report.  

On February 26, Fitch published criteria on U.S. equity REITs and REOCs.  Fitch Report. 

On February 26, S&P published criteria for deriving the common quantitative metrics for rating banks globally.  S&P Methodology.   

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Rating Agency Developments

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

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Rating Agency Developments

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.

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Rating Agency Developments

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 ReleaseFitch Report.

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

 DBRS Release.

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