DBRS Requests Comments on Proposed U.S. PACE Securitizations Methodology, PACE Appendix to Operational Risk Assessment for ABS Servicers & Originators and to Master U.S. ABS Surveillance Methodology

DBRS, Inc. (DBRS) is today requesting comments on the following:

(1) A new methodology titled “Rating U.S. Property Assessed Clean Energy (PACE) Securitizations - Request for Comment” (the Methodology). The Methodology provides an analytical framework for reviewing Property Assessed Clean Energy (PACE) securitizations in the United States.
(2) The PACE Appendix to the existing Operational Risk Assessment for U.S. ABS Originators and the existing Operational Risk Assessment for U.S. ABS Servicers.
(3) The PACE Appendix to the existing DBRS Master U.S. ABS Surveillance Methodology.

The Methodology provides a discussion of the following:

-- Industry overview;
-- Collateral description;
-- Legal considerations;
-- Typical PACE origination and servicing practices;
-- Collateral analysis;
-- Transaction capital structure;
-- Cash flow analysis; and
-- Legal structure and opinions.

Comments should be received on or before September 8, 2015. Please submit comments to the following email address: structured.finance.comments@dbrs.com. Following a review and evaluation of all submissions, DBRS will publish a final version of the methodology. All comments DBRS receives will be made public after the final version of the methodology is published, unless confidentiality is specifically requested.

DBRS criteria and methodologies are publicly available on its website www.dbrs.com under Methodologies.

The complete Operational Risk Assessment for U.S. ABS Servicers and Originators methodologies and the DBRS Master U.S. ABS Surveillance Methodology can be found by clicking on the link under Related Research at the right of the screen.