Rating Agency Developments

Orrick - Finance 20/20

On April 18, 2016, Fitch issued a report entitled: Fitch Updates U.S. Tax-Supported Rating Criteria. Release.

On April 15, 2016, DBRS issued a report entitled: DBRS Criteria: Commercial Paper Liquidity Support for Non-Bank Financial Issuers. Report.

On April 14, 2016, Fitch issued a report entitled: Fitch Publishes Criteria Exposure Draft for Counterparty Risk in Structured Finance and CVBs. Release.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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