DBRS Publishes Updated U.S. Structured Credit Methodologies

DBRS, Inc. (DBRS) published the following updated methodologies effective September 27, 2018, replacing the prior versions of methodologies under the same titles:

-- Rating U.S. Collateralized Fund Obligations Backed by Private Equity
-- Monitoring and Rating Subscription Loans (Capital Call)
-- Trade Receivables
-- Rating CLOs and CDOs of Large Corporate Credit
-- Cash Flow Assumptions for Corporate Credit Securitizations
-- Rating Structured Finance CDO Restructurings

The updated methodologies reflect the reclassification of the DBRS Unified Interest Rate Model from a predictive model to an analytical tool as disclosed in the “Interest Rate Stresses for U.S. Structured Finance Transactions” methodology. An analytical tool generally acts as a usability tool to facilitate the rating process and its outputs are ultimately used as a component to support the analysis conducted to determine a rating. The methodologies used to rate and/or monitor U.S. Structured Credit transactions may incorporate the use of the Unified Interest Rate Analytical Tool.

There are no outstanding U.S. Structured Credit transactions that had a material deviation as a result of the application of the Unified Interest Rate Analytical Tool. Going forward, assigned ratings may differ from the stresses implied by the Unified Interest Rate Analytical Tool. These differences will be disclosed in accordance with applicable regulatory requirements.

DBRS also updated the Scope and Limitations section in each of the methodologies listed in this press release.

DBRS deems the above-described updates to the methodologies not to be material and has determined that no ratings are or will be changed because of these updates.

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

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.