News & Analysis: ratings news

News: Ratings News

Moody's Publishes In-Depth "Approach to Rating Covered Bonds"

Brings together methodology elements published in past five years

03/04/2010

In its first material revision since 2005, Moody's Investors Service has released an in-depth description of its methodology for covered bond ratings (March 4). According to Moody's, the document "brings together for the first time in a single publication the various elements of the methodology, some of which have been the subject of separate publications over the last five years."

Read More
News: Ratings News

Fitch Updates Liquidity Risk Criteria for Covered Bonds

Replaces July 2009 version

03/03/2010

Fitch Ratings has released (March 2) an updated "Assessment of Liquidity Risks in Covered Bonds," replacing a version dated July 7, 2009.

The ten-page document focuses on two key aspects of liquidity and financing risks: "first, whether a necessary refinancing/sale of the assets could occur during the timeframe allowed by the programme, a relationship captured in the Fitch Discontinuity Factor (D‐Factor), and, secondly, the stressed price at which such a sale could occur, in order to test whether overcollateralisation (OC) taken into account by the agency can withstand it."

Read More
News: Issuance: Lessons From Outside North America: Ratings News

Covered Bond Roundup - Week Ending February 26

New issues from UK and Italy; downgrades in Greece

03/01/2010

Barclay's and Banco Populare launch jumbos ... Fitch downgrades three Greek mortgage covered bonds ... concerns raised about German public sector covered bonds ... and more.

Some items of covered bond news do not rate their own story in this publication — often because they relate to geographic areas outside our focus, North America. Even so, readers who want to keep up with covered bond news in general might find them interesting.

Read More
News: Issuance: Lessons From Outside North America: Ratings News

Covered Bond News Roundup - Week Ending Feb. 19

Issues from France and Germany; "sovereign jitters"

02/20/2010

New covered bond issues from WestLB, BNP Paribas, Dexia and WL Bank ... possible rating downgrades for Greek CBs ... concerns about "sovereign jitters" ... and more.

Some items of covered bond news do not rate their own story in this publication — often because they relate to geographic areas outside our focus, North America. Even so, readers who want to keep up with covered bond news in general might find them interesting.

Read More
News: Issuance: Lessons From Outside North America: Ratings News

Covered Bond News Roundup - Week Ending February 12

New issues from "core" countries; Australian CBs closer to approval?

02/12/2010

Despite a volatile financial climate, covered bond issues proceed in "core" countries (principally France and Germany), while an Italian bank puts plans on hold ... increasing optimism that Australian regulators will approve covered bond issuance there ... German cover pools face exposure from Greek crisis ... and more.

Read More
News: Issuance: Lessons From Outside North America: Ratings News

Covered Bond Roundup - Week Ending February 5

New issue from France; downward ratings pressure for 2010

02/06/2010

Concern over "seepage" from sovereign downgrades ... predictions of continuing downward ratings pressure this year ... a benchmark covered bond from France ... UK "mortgage rationing"? ... and more.
Some items of covered bond news do not rate their own story in this publication — often because they relate to geographic areas outside our focus, North America. Even so, readers who want to keep up with covered bond news in general might find them interesting.

Read More
News: Issuance: Lessons From Outside North America: Ratings News

Covered Bond Roundup - Week Ending January 29

New issues; "scramble for cash"; downgrade under revised S&P methodology

01/29/2010

Issuance in Austria, France and Germany ... a "scramble for cash" aiding investor's market ... a downgrade under S&P's revised methodology ... and more.
Some items of covered bond news do not rate their own story in this publication — often because they relate to geographic areas outside our focus, North America. Even so, readers who want to keep up with covered bond news in general might find them interesting.

Read More
News: Issuance: Lessons From Outside North America: Ratings News

Covered Bond Roundup - Week Ending January 22

New issues from France, Spain and Switzerland

01/22/2010

New issues from France, Spain and Switzerland ... Ratings Watch Negative for eight German covered bond programs ... and more.

Some items of covered bond news do not rate their own story in this publication — often because they relate to geographic areas outside our focus, North America. Even so, readers who want to keep up with covered bond news in general might find them interesting.

Read More
News: Ratings News

"Consequences" for S&P from Revised Covered Bond Methodology?

Ft.com/alphaville explores the theme

01/21/2010

"Having opted to stick with its proposed revised ratings methodology for covered bonds, first announced in February last year, S&P is now experiencing the consequences of having tougher ratings criteria."

That is the theme of a Financial Times ft.com/alphaville posting (Jan. 21) by Tracy Alloway.

Read More
News: Ratings News

S&P Takes Canadian Covered Bond Programs Off CreditWatch Neg

BMO, CBIC and RBC programs reaffirmed AAA, outlook stable

01/18/2010

Last month, in conjunction with Standard & Poor's Dec. 16, 2009 release of a major revision of its methodology for assessing asset-liability mismatch risk in covered bonds, the rating agency placed almost a hundred covered bond programs on CreditWatch Negative pending re-assessment. Now, as of Jan. 18, S&P has removed three Canadian covered bond programs from CreditWatch Negative — reaffirming their AAA ratings and assigning stable outlooks.

Read More