News & Analysis as of

Rating Agencies

Morningstar Requests Comments on Proposed Rating Methodology for SASB Deals

by Dechert LLP on

Morningstar has published a proposed method for rating single-asset/single-borrower (SASB) transactions. The new approach is slated to replace the “U.S. CMBS Subordination Model” with respect to SASBs and other forms of CMBS...more

Rating Agency Developments

On April 6, DBRS published its methodology for rating U.S. Film Rights Securitizations. Release. On April 6, Moody’s updated its methodology for rating Environmental Services and Waste Management Companies. Release....more

Orrick's Financial Industry Week In Review

Federal Banking Agencies Issue Final Rule to Exempt Commercial Real Estate Transactions of $500,000 or Less from Appraisal Requirements: On April 2, 2018, the Board of Governors of the Federal Reserve System, the Federal...more

Rating Agency Developments

On April 3, DBRS updated its North American CMBS Multi-borrower Rating Methodology. Release. On April 3, Fitch issued rating criteria for RMBS Lenders’ Mortgage Insurance. Release....more

Orrick's Financial Industry Week In Review

Federal Court Sends Colorado's Case Against Online Lending Platform Back to State Court - Colorado's ongoing challenge to the bank partnership model of online lending will next play out, at least in part, in state...more

Rating Agency Developments

On March 19, 2018, DRBS issued a report entitled: Mapping Financial Institution Internal Ratings to DRBS Ratings for Global Structured Credit Transactions. Release....more

Orrick's Financial Industry Week In Review

Home Mortgage Disclosure Act: FFIEC's Revised 'A Guide to HMDA Reporting: Getting It Right!' On March 14, 2018, the Office of the Comptroller of the Currency published an updated resource providing guidance for complying...more

Rating Agency Developments

On March 8, 2018, Fitch issued a report entitled: Fitch U.S. RMBS Loss Metrics. Release. On March 8, 2018, Kroll issued a report entitled: Financial Institutions: Securities Firm Rating Methodology. Release....more

Orrick's Financial Industry Week In Review

SEC Statement on Potentially Unlawful Online Platforms for Trading Digital Assets - On March 7, 2018, the Divisions of Enforcement and Trading and Markets of the Securities and Exchange Commission released a "Statement on...more

Orrick's Financial Industry Week In Review

Looking Out for Main Street: SEC Focuses on Retail, Cybersecurity and Cryptocurrency - The Commissioners and senior officials of the Securities and Exchange Commission ("SEC" or "Commission") addressed the public on...more

Rating Agency Developments

On February 28, 2018, Moody’s published a list of Outdated Credit Rating Methodologies. Release. On February 28, 2018, DBRS published an updated analysis criteria for Commercial Real Estate Property. Release....more

Orrick's Financial Industry Week In Review

Second Circuit Raises Bar for US Jurisdiction Over Foreign Banks - Orrick litigators Robert Reznick, Stephen Foresta and Julie Gorchkova co-authored an article for Law360 that examines a closely-watched case relating to...more

SEC Sanctions Adviser Who Secured False Morningstar Star Rating

by Dorsey & Whitney LLP on

The Commission’s focus on retail investors turned to an unregistered investment adviser who marketed shares in two unregistered investment funds. While the marketing was done by using misrepresentations coupled with omissions...more

Cyber FICO Ratings Could Benefit Insurance Underwriting in Multiple Ways

Nearly 30 years ago the Fair Isaac Corporation (“FICO”) first introduced its metric for measuring creditworthiness. Since then, the FICO Score has become a default metric used by countless market participants to facilitate...more

Rating Agency Developments

On February 21, S&P updated its base-case lease rate assumptions used in analysis of container lease-backed asset-backed securities transactions. Release. On February 19, DBRS updated its European CMBS rating and...more

Orrick's Financial Industry Week In Review

US CFTC and UK FCA Sign Arrangement to Collaborate on FinTech Innovation - On February 19, The US Commodity Futures Trading Commission ("CFTC") and the UK's Financial Conduct Authority ("FCA") signed an arrangement that...more

Rating Agency Developments

On February 14, Fitch updated its criteria for rating state housing finance agency general obligations. Release. On February 12, Fitch updated its criteria for rating investment holding companies. Release....more

Rating Agency Developments

On February 5, DBRS updated its criteria for rating Marine Container Securitizations. Release. On February 7, DBRS updated its criteria for rating and monitoring Asset-Backed Commercial Paper. Release....more

Orrick's Financial Industry Week In Review

CFTC Files Eight Anti-Spoofing Enforcement Actions against Three Banks (Deutsche Bank, HSBC & UBS) & Six Individuals - On January 29, 2018, the Commodity Futures Trading Commission ("CFTC"), along with the Department of...more

Rating Agency Developments

On January 25, 2018, Moody’s Analytics Research reported that despite tax law changes, high-yield bond issuance is thriving. Release. On January 27, 2018, Moody’s updated its homebuilding and property development industry...more

Orrick's Financial Industry Week In Review

Interagency Statement on Accounting and Reporting Implications of the New Tax Law - On January 18, 2018, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal...more

Rating Agency Developments

On January 23, 2018, DRBS published an updated North American Single-Asset/Single-Borrower Methodology. The methodology does not consist of any material changes from the previously issued methodology. According to DBRS, it...more

Orrick's Financial Industry Week In Review

SEC Division of Investment Management Letter on Cryptocurrency Related Investment Products; Joint Statement by SEC and CFTC Enforcement Directors Regarding Virtual Currency Enforcement Actions - On January 18, 2018, in a...more

Rating Agency Developments

On January 17, 2018, Fitch issued a report entitled: Fitch Updates Asset-Backed Commercial Paper Rating Criteria. Release. On January 11, 2018, Fitch issued a report entitled: Fitch Updates Non-Performing Loan...more

Orrick's Financial Industry Week In Review

CFTC Approves Amendments to Rules on Intermediary Registration and Review of Adverse Actions - On January 9, 2018, the U.S. Commodity Futures Trading Commission (the "CFTC") approved final rules that update Parts 3 and 9...more

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