revolving fund

Rating Agency Developments

On October 22, Fitch issued new methodology for rating revolving fund and leveraged municipal loan pools.  Report.

On October 22, DBRS released its methodology for rating in Canadian structured finance transactions.  Report.

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Rating Agency Developments

On August 23, Moody’s identified key risk factors in securitizations of single-family rental properties, including: (i) the performance of a manager of the properties; (ii) the variability of cash flows from the rental and ultimate sale of the properties; and (iii) the lack of historical data on the single-family rental market.  Moody’s Release.  

On August 23, Moody’s released its reinvestment rate assumptions for U.S. state revolving fund and pool programs.  Moody’s Report. 

On August 23, Moody’s released its interest rate assumptions for state HFA cash flows.  Moody’s Report. 

On August 22, DBRS issued a request for comment on its U.S. collateralized fund obligations backed by private equity rating criteria. DBRS Request for Comment. 

On August 21, Moody’s published a request for comment on proposed adjustments to its modeling assumptions to account for the impact of a rapid and significant country credit deterioration on structured finance transactions.  Comments may be submitted until October 30. Moody’s Release.  Moody’s Report.

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Rating Agency Developments

On August 16, S&P requested comment on project finance construction and operations counterparty methodology. S&P Release.

On August 16, S&P updated its defeasance criteria for U.S. CMBS transactions. S&P Release.

On August 15 and 16, Fitch released reports on: (i) recovery ratings for financial institutions; (ii) securities firms; (iii) bank holding companies; (iv) financial institutions; (v) market value structures; (vi) U.S. closed-end funds; (vii) infrastructure and project finance; (viii) bond funds; (ix) APAC CMBS; (x) prepaid energy transactions; (xi) U.S. residential mortgage Re-REMICs; (xii) U.S. RMBS; (xiii) Prime RMBS loan loss models; (xiv) state housing finance agencies – single family mortgage program; (xv) state revolving fund and municipal loan pools; and (xvi) Japan CMBS surveillance.

On August 12, DBRS published a guide regarding its legal criteria for European structured finance transactions. DBRS Release.