Rating Agencies

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Rating Agency Developments

On February 23, DBRS releases its Criteria for Guarantees and other forms of explicit support....more

Orrick's Financial Industry Week in Review

Fed Announces Dates of Stress Test Releases - On February 12, the Fed announced that results from the latest supervisory stress tests conducted as part of Dodd-Frank will be released on March 5, and the related results...more

Rating Agency Developments

On February 18, DBRS released its methodology for assessing RMBS servicing advance transactions. On February 16, Fitch released its criteria for assessing covered bonds of European public entities....more

California Public Employees’ Retirement System Settles with Credit Rating Agency

On February 3, the California Public Employees’ Retirement System (CalPERS) announced a $125 million settlement with a large credit rating agency and its parent company to resolve charges made in connection with the agency’s...more

Orrick's Financial Industry Week in Review

ECON Votes in Favor of the MIF Regulation - On January 27, the Economic and Monetary Affairs Committee ("ECON") released a press release stating that it had voted in favour of the proposed Regulation on multilateral...more

Rating Agency Developments

On February 6, Moody’s restated its approach to rating trade receivables-backed transactions. On February 5, S&P restated its criteria for rating global non-diversified auto dealer floorplan ABS. On February 4, DBRS requested...more

S&P’s $1.4BN Settlement with DOJ and State AGs on RMBS/CDO Ratings

On February 3, the Department of Justice and 19 State Attorneys General announced their $1.375 Billion settlement of DOJ’s FIRREA suit and related State AG actions against Standard & Poor’s and its parent McGraw-Hill...more

Huge Settlements Between S&P, Government

2015 is leaving Standard and Poor’s (S&P) quite a bit poorer. Yesterday, the major credit rating agency agreed to pay $1.375 billion to resolve lawsuits brought against it by the U.S. Department of Justice and attorney...more

S&P Settles Market Crisis Actions With DOJ, States

The Department of Justice, in conjunction with 19 states and the District of Columbia, resolved market crisis era suits in a $1.375 billion settlement. The DOJ suit named as defendants rating agency Standard & Poor’s...more

Orrick's Financial Industry Week in Review

CFTC Issues No-Action Relief to Certain Introducing Brokers - On January 23, 2015 the CFTC Division of Swap Dealer and Intermediary Oversight issued no-action relief to certain introducing brokers (IBs) with respect to...more

SEC Suspends S&P From Rating Certain CMBS As Part Of $77 Million Settlement

On January 21, 2015, the SEC suspended Standard & Poor’s Rating Services (S&P) from rating conduit/fusion CMBS for one year as part of a settlement between McGraw-Hill Financial Inc., S&P’s parent company, and the SEC. The...more

SEC Announces First-Ever Enforcement Action Against Credit Ratings Agency

On January 21, the SEC announced a settlement with a credit rating agency in connection with its rating of certain commercial mortgage-backed securities (CMBS). The ratings agency agreed to pay the SEC more than $58 million...more

Rating Agency Developments

On January 23, 2015 DBRS released its methodology relating to Structured Finance Flow-Through Ratings...more

Uses and Advantages of Delaware Statutory Trusts and Delaware Limited Liability Companies in Structured Finance Transactions

Over the past 10-20 years, a large number of secured equipment finance and asset securitization transactions have been structured using either a Delaware Statutory Trust (a “DST”) created pursuant to the Delaware Statutory...more

Rating Agency Developments

On January 7, Fitch revised its criteria for rating U.S. Public Finance Short-Term Debt. On January 7, DBRS released its methodology for surveillance of North American CMBS. On January 6, Fitch released its global criteria...more

Rating Agency Developments

On December 10, Moody’s released its approach to rating sustainable net cash flow for CMBS and CRE CDO CLO Real Estate collateral in the Americas and ex-Japan Asia Pacific. On December 10, Moody’s released its approach to...more

Rating Agency Developments

On November 28, DBRS released its general corporate methodology. On November 28, DBRS released its methodology for rating companies in the gaming industry. On November 26, DBRS released its methodology for rating Canadian...more

Rating Agency Developments

On November 6, Fitch released its updated criteria for rating securitizations in emerging markets. On November 5, DBRS released its methodology for rating companies in the automotive manufacturing industry. On November 5,...more

Rating Agency Developments

On October 30, Moody’s released its methodology for rating government-related issuers. On October 30, Fitch released its methodology for rating asset-backed commercial paper. On October 30, DBRS released a series of...more

Orrick's Financial Industry Week in Review

ESMA Updates its Questions and Answers on EMIR Implementation - On October 24, the European Securities and Markets Authority (ESMA) published an updated version of its Questions and Answers on the European Market...more

Orrick's Financial Industry Week in Review

EBA Updates Single Rulebook Q&As - On October 17, the European Banking Authority (EBA) updated its Q&As on the single rulebook, publishing two new answers to questions relating to supervisory reporting and credit risk....more

Rating Agency Developments

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,...more

Credit Crunch Digest -- September 2014

This issue of the Credit Crunch Digest focuses on the push by the Federal Reserve for the creation of a Libor alternative; additional updates on high-frequency trading lawsuits; settlements of residential mortgage backed...more

Rating Agency Developments

On October 1, DBRS released its methodologies for rating companies in oil and gas and oilfield services. Oil and Gas....more

Orrick's Financial Industry Week in Review

UK FCA Policy Statement on Sponsor Competence and Consultations on Joint Sponsors and Sponsor Conflicts - On September 26, the Financial Conduct Authority (FCA) published consultation paper CP14/21, incorporating its...more

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