U.S. RMBS

Rating Agency Developments

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On October 1, DBRS published its U.S. RMBS rating methodology.  Methodology.

On October 1, DBRS published its rating methodology for European consumer and commercial ABS transactions.  Methodology.

On October 1, DBRS published its methodology for rating companies in the mining industry.  Methodology.

On October 1, DBRS published its methodology for rating operators in the container terminal industry.  Methodology.

On October 1, Fitch updated its criteria for rating U.S. RMBS.  Criteria.

On October 1, Moody’s published its methodology for rating public housing authority (PHA) capital fund bonds issued in the U.S. municipal market.  Methodology.

On October 2, Moody’s published its methodology describing its approach to monitoring existing securities backed by low-income residential construction loans to developers in Mexico.  Methodology.

On October 5, Fitch updated its methodology for analyzing U.S. Tobacco Settlement ABS.  Criteria.

On October 5, Fitch updated its global rating criteria for trade receivables securitizations.  Criteria.

On October 5, KBRA released a proposed U.S. Equity REITs & REOC rating methodology.  Methodology.

On October 5, Moody’s published its approach in considering data quality in structured finance transactions.  Methodology.

On October 6, DBRS published its methodology for rating sovereign governments.  Methodology.

On October 7, DBRS published its global methodology for rating life and property/casualty insurance companies and insurance organizations.  Methodology.

Rating Agency Developments

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On December 2, Moody’s released its updated approach to rating Europe, Middle East and Africa CMBS.  Moody’s Report.

On December 2, DBRS released its methodology for rating U.S. credit card ABS.  DBRS Report.

On November 28, DBRS released its operational risk assessment procedures for servicers of European Structured Finance (ESF) products.  DBRS Report.

On December 5, Kroll released its request for comment on its proposed methodology for assessing non-Qualified Mortgage risk in U.S. RMBS.  Kroll Request.

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Rating Agency Developments

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On November 6, Moody’s released its U.S. RMBS surveillance methodology.  Moody’s Report.

On November 6, Moody’s released its approach to rating RMBS using the ‘MILAN‘ (Moody’s Individual Loan Analysis) framework.  Moody’s Report.

On November 6, DBRS released its criteria for rating Canadian credit card securitizations.  DBRS Report.

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Rating Agency Developments

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On July 19, Moody’s issued its U.S. RMBS surveillance methodology.  Moody’s Report. 

On July 19, DBRS released its criteria for rating guarantees and other forms of explicit support.  DBRS Report. 

On July 19, KBRA released its financial guaranty rating methodology.  KBRA Report. 

On July 19, Fitch released its national scale criteria for rating money market funds. Fitch Report. 

On July 17, Fitch released its criteria for evaluating third-party partial credit guarantees.  Fitch Report. 

On July 16, Fitch released its criteria for rating U.S. RMBS.  Fitch Report. 

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Rating Agency Developments

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On October 27, Moody’s released is methodology for rating CMBS transactions in the period between the maturity date of the latest maturing loan and the final maturity date of the transaction (tail period). Moody’s Release.

On October 27, DBRS released its U.S. RMBS loss model and rating methodology. DBRS Release.

On October 26, DBRS released its master European RMBS rating methodology and jurisdictional agenda. DBRS Release.

On October 26, DBRS released its European covered bond rating methodology. DBRS Release.

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Rating Agency Developments

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On January 7, S&P announced that it will no longer rate notes issued by state certified capital companies through state-sponsored tax credit programs where a portion of the principal or a substantial portion of the interest due can be satisfied by state government-issued tax credits. S&P Release.

On January 6, S&P requested comments on its proposal to revise its criteria for rating banks. Comments must be received by March 7. S&P Release.

On January 5, Fitch revised its corporate finance criteria on rating entities above the country ceiling. Fitch Release.

On January 5, Moody’s revised its rating methodology for nearly 2000 outstanding U.S. RMBS deals issued prior to 2005. Moody’s Release.

On January 3, S&P updated its methodology for rating U.S. state governments. S&P Release.

On December 28, Moody’s published its rating methodology for Enhanced Equipment Trust Certificates (EETCs) and Equipment Trust Certificates (ETCs) issued by airline or railroad companies. Moody’s Methodology.

On December 21, Moody’s published a methodology for rating project finance issuers not covered by other relevant methodologies. Moody’s Release.

On December 20, S&P proposed revising its methodology for rating bond anticipation notes, a type of debt structured to rely on the proceeds of future bond sales for repayment at maturity. S&P Release.

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Rating Agency Developments

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On August 25, S&P published its methodology and assumptions for surveilling rated U.S. RMBS transactions backed by reverse mortgages. S&P Release. 

On September 1, Moody’s updated its methodology for the way it assigns ratings to jointly supported letter of credit-backed debt in the U.S. municipal market. Moody’s Release. 

On September 1, Moody’s announced that it will immediately begin communicating credit estimates to managers of EMEA CLOs using an updated conversion of credit estimates to rating factors. Moody’s Release. 

On September 2, DBRS requested comments on proposed rating methodology for the Master European Granular Corporate Securitizations (SME CLOs).  Comments should be received by September 30. DBRS Release.

On September 1, DBRS requested comments on proposed rating methodology for the Unified Interest Rate Model, which is designed to provide a consistent platform for suggesting interest rate stresses to be applied across all rating submissions.  Comments should be received by October 29. DBRS Release.

On August 27, DBRS requested comments on proposed legal criteria for European structured finance transactions.  Comments should be received by September 30. DBRS Release.

On August 30, DBRS requested comments on proposed surveillance methodology for European securitizations.  Comments should be received by October 29. DBRS Release. 

On August 30, DBRS requested comments on proposed rating methodology for European consumer ABS transactions.  Comments should be received by October 29. DBRS Release.

On August 30, DBRS requested comments on proposed rating methodology for European RMBS transactions.  Comments should be received by October 29. DBRS Release. 

On August 31, DBRS requested comments on proposed rating methodology for European CMBS transactions.  Comments should be received by September 30. DBRS Release. 

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