Standard & Poor's

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Securities Litigation Update

The summer may feel like a more leisurely time of year, but not in securities litigation news. Here are some of the more significant headlines...more

OCTA 91 Express Lanes Bonds Get 2 A's from S&P

In an historic move, Standard & Poor’s upgraded the Orange County Transportation Agency SR91 Express Lanes Toll Revenue Bonds to “AA-”, making it one the highest rated managed lanes projects in the world. The bonds were...more

Rating Agency Developments

On July 24, S&P issued a request for comment on changes to methodology and assumptions for assessing Japanese RMBS. On July 24, Fitch issued Asia-Pacific Consumer ABS ratings criteria. On July 24, Fitch issued...more

SEC Sends Wells Notice to S&P Concerning MBS Ratings

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...more

Sustainability Reporting–Something to Consider

It’s common knowledge that investors, analysts and other stakeholders view certain non-financial information as increasingly important indicators of a company’s long-term value. This information tends to be grouped into three...more

Rating Agency Developments

On June 13, Moody’s announced that its private student loan default rate index will continue to decline. On June 13, Fitch announced that it has taken various conforming rating actions on enhanced municipal bonds and...more

Chilean Pension Funds Market Officially Open for Business for Irish UCITS.

Following Dechert’s series of reports in relation to the Chilean pension funds market and its accessibility to Irish UCITS, see Dechert OnPoint - Moody’s Upgrade Points to Reopening of the Chilean Pension Market to Irish...more

Quarterly Investment Update - 1st Quater 2014

Stock Market Commentary - The S&P 500's strong close on the final day of March accounted for nearly half of the first quarter return of 1.8%. Markets withstood a number of challenges, including a frigid winter, a...more

Orrick's Financial Industry Week in Review

ESMA Reports on Information that Competent Authorities Should Provide to it Under the AIFMD - The European Securities and Markets Authority (ESMA), has published a final report of technical advice for the European...more

Assured Guaranty and National Public Finance Guarantee Ratings Upgraded by S&P

On March 18, 2014, Standard & Poor's Ratings Services announced ratings upgrades for two bond insurers – Assured Guaranty Municipal Corp. (f/k/a Financial Security Assurance Inc.) to “AA” from “AA-” and MBIA Inc.’s National...more

Rating Agency Developments - January 28, 2014

On January 23, Fitch released its criteria for analyzing interest rate stresses in structured finance transactions and covered bonds. On January 22, DBRS released its methodology for rating wind power projects. On January 22,...more

Annual Investment Update: Economic Review & Outlook - December 31, 2013

Welcome 2014! We want to thank you for continuing to support the investment strategies we have in place to protect your wealth. The total return in the S&P Index in 2013 of 32.4% now has the index up an astounding 173% since...more

Director Tenure Draws Increasing Investor Attention

The Wall Street Journal recently highlighted director tenure in an article titled “The 40-Year Club: America’s Longest Serving Directors.” While the article noted that fewer than 30 public company directors have at least 40...more

November 2013: Securities Litigation Update

Rating Agency S&P’s “Puffery” Defense Rejected in U.S.’s Landmark Fraud Case Under FIRREA. Credit-rating agencies have successfully asserted several defenses to private investors’ fraud claims, including a First Amendment...more

CMBS unresolved

S&P announced this week that over €10bn of loans backing European CMBS transactions that it rates could need refinancing next year (SCI 3 December). About €3bn of the €13bn of loans scheduled to mature in 2014 has been...more

U.S. Federal Government Shutdown: Daily Update #3

The Elevator Speech Overview - The government shutdown continues as the stalemate on Capitol Hill shows no signs of abating. Lawmakers, media, and the public are becoming increasingly focused on the upcoming debt...more

Rating Agency Developments - August 27, 2013

On August 21, S&P released its asset isolation and SPE criteria for Canadian structured finance transactions. On August 19, Fitch released its insurance rating methodology....more

Court Denies S&P’s Motion to Dismiss State of California’s $600M Suit

On August 14, Judge Curtis E.A. Karnow of the Superior Court of California, County of San Francisco, denied Standard & Poor’s motion to dismiss a suit by the State of California....more

Why We Could Easily Have Another Flash Crash

Three years ago, on May 6, 2010, U.S. capital markets experienced the “flash crash,” when the Dow Jones Industrial Average suffered a stunning 1,000-point loss (9 percent) in five minutes, followed by an equally dramatic...more

Rating Agency Developments - August 06, 2013

On August 2, Fitch released its criteria for the rating of distressed debt exchanges. On August 1, Fitch released its criteria for the use of lenders’ mortgage insurance (LMI) in RMBS transactions....more

Orrick's Financial Industry Week in Review - July 29,2013

FHFA Statement on Freddie Mac Risk-Sharing Transaction - On July 24, the FHFA announced that Freddie Mac is nearing completion of its first risk-sharing transaction, a direct debt issuance, that will assist Freddie Mac...more

Federal Court Denies S&P’s Motion to Dismiss $5 Billion RMBS Fraud Suit

On July 16, Judge David O. Carter of the Federal District Court for the Central District of California denied Standard & Poor’s Financial Service LLC’s (S&P) motion to dismiss the U.S. government’s $5 billion fraud suit...more

Rating Agency Developments - July 24, 2013

On July 19, Moody’s issued its U.S. RMBS surveillance methodology. On July 19, DBRS released its criteria for rating guarantees and other forms of explicit support. On July 19, KBRA released its financial guaranty rating...more

“Order Up!” FIRREA Update

Judge Carter issued his final order on July 16, 2013, following our blog post. ...more

Where There’s Smoke, There’s FIRREA (Part Two)

We first blogged about the obscure Financial Institutions Reform Recovery Enforcement Act (“FIRREA”) on May 14. ...more

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