News & Analysis as of

Rating Agency Developments

On July 31, Moody’s released its rating methodology for global manufacturing companies. On July 25, Fitch released its global rating criteria for Corporate CDOs. On July 25, DBRS issued its methodology for rating companies in...more

Orrick's Financial Industry Week in Review

Bank of England Publishes Statement on Enforcement Action Against Lloyds Bank PLC and Bank of Scotland PLC - On July 28, the Bank of England published a statement on Financial Conduct Authority enforcement action...more

Rating Agency Developments

On June 26, Moody’s released its methodology for monitoring and rating collateralized debt obligations backed by trust preferred securities (TruPS CDOs). ...more

Ribbet – The Green Cassandra of the Capital Markets

Moody’s published a piece the other week that analogized credit quality in the CRE capital markets to the boiling frog – that if you put a frog in cold water and slowly raise the temperature, it never jumps out until it,...more

CalPERS Allowed To Continue Rating Agency Suit

In 2009, the California Public Employees’ Retirement System filed a lawsuit alleging negligent misrepresentation and negligent interference with prospective economic advantage against Moody’s Investors Services, Inc., Moody’s...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

Moody’s Revises Rating Criteria for Local Governments

On January 15 of this year, Moody’s announced a revised methodology for its evaluation of local government general obligation credits. Moody’s overall methodology is to evaluate each locality seeking/maintaining a rating over...more

Cayman Islands retain Moody's Triple A rating

The Cayman Islands Ministry of Public Finance has reported that the jurisdiction has retained its very high “Aa3” rating from Moody’s, one of the world’s foremost financial rating agencies. Cayman has held this status...more

Rating Agency Developments - October 08

On October 3, DBRS released its methodology for rating entities in the real estate industry. On October 2, Moody’s released its methodology for assessing set-off risk for securitization and covered bonds transactions...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

Bear Stearns Liquidators Brings Fraud Action Against Rating Agencies

On July 9, the joint official liquidators of Bear Stearns & Co. Inc. filed suit against three rating agencies – Standard & Poors, Moody’s and Fitch – in New York state court over the agencies’ allegedly fraudulent investment...more

Orrick's Financial Industry Week In Review - June 3, 2013

In This Issue: CFPB Final Rule Amendments to Ability to Repay and QM Rule; Extension of Loan Modification Programs; Freddie Mac $1 Billion Performing Modified Loan Securitization; FinCEN Guidance on Virtual Currency...more

Orrick's Financial Industry Week In Review - May 28, 2013

In This Issue: CFPB's Escrows Final Rule; Rating Agency Developments; District Court Vacates Dismissal, Remands RMBS Suit Against J.P. Morgan to State Court; SunTrust Avoids FINRA Arbitration Concerning The Sale of RMBS;...more

Rating Agency Developments - Aprill 23, 2013

On April 18, Fitch released its guidelines for rating state credit enhancement programs. On April 17, Moody’s released its methodology for rating general obligation bonds issued by U.S. local governments. ...more

Rating Agencies - April 08, 2013

On April 4, Moody’s released its methodology for rating short-term cash flow notes. ...more

Rating Agency Developments - April 04, 2013

On March 29, Moody’s issued its methodology for U.S. municipal pool program debt. On March 28, Fitch updated its criteria for rating global small- and medium-sized enterprises CLOs. On March 26, Fitch updated its criteria for...more

Rating Agency Developments - March 19, 2013

On March 12, S&P updated its methodology for second-lien RMBS surveillance and cash flow analysis for pre-2009 originations. On March 11, Moody’s released its approach to rating RMBS using the MILAN framework. On March 11,...more

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