"Covered Bond Flip-Flop?"

Back in February, Standard & Poor's sent out a "request for comment" concerning proposed changes to its rating methodology for covered bonds—a revision that could have sweeping consequences for existing programs rated by S&P.  

This week, the rating agency announced that new rating criteria would not be published until September at the least.

The news has prompted FT Alphaville's Tracy Alloway to query whether "[a]nother flip-flop" from S&P—"albeit a more protracted one than that on CMBS"—is on its way.