S&P

Rating Agency Developments

Posted on

On October 9, S&P released its updated global methodology and assumptions for assessing the credit quality of securitized non-real estate related consumer receivables, including, but not limited to, auto, credit card, student, and unsecured personal loan asset-backed securities. Report.

On October 9, S&P released its updated criteria for analyzing cash flows of structured finance securities. Report.

On October 9, S&P released its updated methodology and assumptions for assessing operational risk associated with transaction parties in structured finance transactions. Report.

On October 7, Moody’s released its bankruptcy remoteness criteria for special purpose entities in global structured finance transactions. Report.

On October 7, Fitch released its updated Global Structured Finance and Covered Bonds Rating Criteria Hierarchy. Report.

On October 3, Fitch released its criteria for rating nonprofit nursing homes. Report.

Note: Free registration is required for rating agency releases and reports.

Rating Agency Developments

Posted on

On September 19, Fitch released its criteria for analyzing large loans within single-borrower or multiborrower U.S. CMBS transactions.  Report

On September 17, DBRS released its methodology for rating U.S. structured finance transactions.  Report

On September 17, DBRS released its third-party due diligence criteria for U.S. RMBS transactions.  Report

On September 16, S&P released its criteria and key credit factors for several types of project finance transactions, including:

On September 16, S&P also released its methodology for assessing operating risks, its methodology of assessing transaction structure risks and its framework methodology for project finance transactions:

On September 16, Moody’s released its rating methodology for credit card receivables-backed securities and other securities backed by revolving consumer loans.  Report

On September 16, Fitch released its revised Fund Quality Ratings assessing funds’ investment processes and operational attributes.  Report

On September 15, Fitch released its revised rating criteria for trade receivables securitizations.  Report

Note: Free registration is required for rating agency releases and reports.

SEC Sends Wells Notice to S&P Concerning MBS Ratings

Posted on

On July 23, S&P’s parent company, McGraw Hill Financial Inc., disclosed that it received a Wells notice indicating that the SEC’s enforcement staff had made a preliminary determination to recommend that the SEC institute an enforcement action against S&P alleging violation of federal securities laws with respect to S&P’s ratings of six commercial MBS transactions in 2011 and public disclosures made by S&P regarding those ratings thereafter.  S&P will have the opportunity to respond to provide its perspective and to address the issues raised by the enforcement staff before any enforcement proceeding is initiated.  Press Release.

Rating Agency Developments

Posted on

On July 24, S&P issued a request for comment on changes to methodology and assumptions for assessing Japanese RMBS.  Report.

On July 24, Fitch issued Asia-Pacific Consumer ABS ratings criteria.  Report.

On July 24, Fitch issued UK whole business securitizations ratings criteria.  Report.

On July 21, DBRS issued its methodology for North American commercial mortgage servicer evaluations.  Report.

On July 21, DBRS issued its methodology for stability and sustainability of structured income fund evaluations.  Report.

Note: Free registration is required for rating agency releases and reports.

Rating Agency Developments

Posted on

On June 13, Moody’s announced that its private student loan default rate index will continue to decline.   Moody’s Report.

On June 13, Fitch announced that it has taken various conforming rating actions on enhanced municipal bonds and tender option bonds (TOBs).  Fitch Report.

On June 12, Moody’s released its approach for rating derivative product companies.  Moody’s Report.

On June 11, DBRS released its general corporate rating methodology.  DBRS Report.

On June 10, S&P released its request for comment on rating counterparty risk in terminating transactions.  S&P Release.

On June 10, Fitch released its criteria for commercial mortgage-backed securities and loans in EMEA.  Fitch Report.

On June 9, Fitch released its criteria for rating U.S. timeshare loan asset-backed securities.  Fitch Report.

On June 9, Fitch released its criteria for rating future flow securitizations.  Fitch Report.

Note: Free registration is required for rating agency releases and reports.

Rating Agency Developments

Posted on

On January 23, Fitch released its criteria for analyzing interest rate stresses in structured finance transactions and covered bonds.  Fitch Report.

On January 22, DBRS released its methodology for rating wind power projects.  DBRS Report.

On January 22, DBRS released its methodology for rating solar power projects.  DBRS Report.

On January 22, S&P released its methodology for rating Japanese CMBS.  S&P Report.

On January 22, Fitch released an exposure draft seeking comments for sovereign risk impact on rating structured finance and covered bonds.  Fitch Report.

On January 21, DBRS released its request for comment for rating supranational institutions.  DBRS Report.

On January 21, DBRS released its cash flow assumptions for rating CLOs and CDOs backed by corporate debt.  DBRS Report.

On January 21, DBRS released its methodology for rating CLOs and CDOs backed by large corporate debt.  DBRS Report.

Note: Free registration is required for rating agency releases and reports.

Rating Agency Developments

Posted on

On December 24, S&P released its methodology for rating U.S. RMBS Synthetic Risk Transfers.  S&P Report.

On December 23, S&P released its methodology for rating U.S. RMBS surveillance credit and cash flow analysis for pre-2009 originations.  S&P Report.

On December 19, DBRS released its methodology for preferred shares and hybrids for corporate issuers other than financial institutions.  DBRS Report.

On December 17, Moody’s released its methodology for rating ABS backed by equipment leases and loans.  Moody’s Report.

Note: Free registration is required for rating agency releases and reports.

Rating Agency Developments

Posted on

On November 20, S&P released a request for comment on its methodology for rating CDOs of project finance debt.  Comments must be submitted by December 21.  S&P Request for Comment.

On November 19, Moody’s released its updated approach to rating CLOs.  Moody’s Report.

On November 19, Moody’s released its approach to rating corporate synthetic CDOs.  Moody’s Report.

Note: Free registration is required for rating agency releases and reports.

Rating Agency Developments

Posted on

On November 13, Moody’s released its FHA-VA RMBS surveillance methodology.  Moody’s Report.

On November 12, Moody’s released its approach to assessing swap counterparties in cash flow transactions.  Moody’s Report.

On November 12, DBRS released its rating methodology for assessing European residential mortgage portfolios.  DBRS Report.

On November 11, Moody’s released its approach to rating Japanese RMBS transactions.  Moody’s Report.

On November 11, S&P released its RMBS methodology for rating condominium investment loan securitizations in Japan.  S&P Report.