Morningstar DBRS Updates 31 Structured Finance Methodologies

Morningstar DBRS published 31 updated structured finance methodologies as follows:

-- “Representations and Warranties Criteria for U.S. RMBS Transactions” (June 28, 2024)
-- “Interest Rate Stresses for European Structured Finance Transactions” (June 28, 2024)
-- “Rating and Monitoring U.S. Single-Family Rental Securitizations” (June 28, 2024)
-- “U.S. RMBS Surveillance Methodology” (June 28, 2024)
-- “European Structured Finance Flow-Through Ratings” (June 28, 2024)
-- “Assessing U.S. RMBS Pools Under the Ability-to-Repay Rules” (June 28, 2024)
-- “Rating and Monitoring U.S. Reverse Mortgage Securitizations” (June 28, 2024)
-- “Rating U.S. Trade Receivables” (June 28, 2024)
-- “Morningstar DBRS North American Commercial Real Estate Property Analysis Criteria” (June 28, 2024)
-- “Rating Canadian Credit Card and Personal Line of Credit Securitizations” (June 28, 2024)
-- “Derivative Criteria for European Structured Finance Transactions” (June 28, 2024)
-- “Rating European Auto Wholesale Securitisations” (June 28, 2024)
-- “U.S. Residential Mortgage Servicer Rankings” (June 28, 2024)
-- “U.S. Residential Mortgage Originator Rankings” (June 28, 2024)
-- “European RMBS Insight: Italian Addendum” (June 28, 2024)
-- “Rating European Trade Receivables Securitisation Transactions” (June 28, 2024)
-- “Rating Canadian Wholesale Securitizations” (June 28, 2024)
-- “Rating Canadian Rental Car Fleet Securitizations” (June 28, 2024)
-- “Rating Canadian Auto Fleet Lease Transactions” (June 28, 2024)
-- “Rating Canadian Equipment Finance Securitization Transactions” (June 28, 2024)
-- “Rating Canadian Trade Receivables Securitization Transactions” (June 28, 2024)
-- “Rating Canadian Residential Mortgages, Home Equity Lines of Credit and Reverse Mortgages” (June 28, 2024)
-- “RMBS Insight 1.3: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology” (June 28, 2024)
-- “Third-Party Due-Diligence Criteria for U.S. RMBS Transactions” (June 28, 2024)
-- “North American Structured Finance Flow-Through Ratings” (June 28, 2024)
-- “Rating U.S. Collateralized Fund Obligations Backed by Private Equity” (June 28, 2024)
-- “Rating Structured Finance CDO Restructurings” (June 28, 2024)
-- “North American Single-Asset/Single-Borrower Ratings Methodology” (March 1, 2024)
-- “Operational Risk Assessment for U.S. RMBS Servicers” (June 28, 2024)
-- “Operational Risk Assessment for U.S. RMBS Originators” (June 28, 2024)
-- “Rating North American CMBS Interest-Only Certificates” (June 28, 2024)

The updates were to adjust the branding to Morningstar DBRS.

This update supersedes the following previous versions:

-- “Representations and Warranties Criteria for U.S. RMBS Transactions” (May 16, 2023)
-- “Interest Rate Stresses for European Structured Finance Transactions” (September 15, 2023)
-- “Rating and Monitoring U.S. Single-Family Rental Securitizations” (November 23, 2022)
-- “U.S. RMBS Surveillance Methodology” (March 3, 2023)
-- “European Structured Finance Flow-Through Ratings” (December 15, 2023)
-- “Assessing U.S. RMBS Pools Under the Ability-to-Repay Rules” (April 28, 2023)
-- “Rating and Monitoring U.S. Reverse Mortgage Securitizations” (July 17, 2023)
-- “Rating U.S. Trade Receivables” (October 5, 2022)
-- “DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria” (September 22, 2023)
-- “Rating Canadian Credit Card and Personal Line of Credit Securitizations” (October 24, 2023)
-- “Derivative Criteria for European Structured Finance Transactions” (September 18, 2023)
-- “Rating European Auto Wholesale Securitisations” (November 3, 2023)
-- “U.S. Residential Mortgage Servicer Rankings” (June 26, 2023)
-- “U.S. Residential Mortgage Originator Rankings” (June 26, 2023)
-- “European RMBS Insight: Italian Addendum” (October 2, 2023)
-- “Rating European Trade Receivables Securitisation Transactions” (November 7, 2023)
-- “Rating Canadian Wholesale Securitizations” (September 29, 2023)
-- “Rating Canadian Rental Car Fleet Securitizations” (September 29, 2023)
-- “Rating Canadian Auto Fleet Lease Transactions” (September 29, 2023)
-- “Rating Canadian Equipment Finance Securitization Transactions” (October 22, 2023)
-- “Rating Canadian Trade Receivables Securitization Transactions” (October 30, 2023)
-- “Rating Canadian Residential Mortgages, Home Equity Lines of Credit and Reverse Mortgages” (October 26, 2023)
-- “RMBS Insight 1.3: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology” (August 31, 2023)
-- “Third-Party Due-Diligence Criteria for U.S. RMBS Transactions” (September 8, 2023)
-- “North American Structured Finance Flow-Through Ratings” (November 13, 2023)
-- “Rating U.S. Collateralized Fund Obligations Backed by Private Equity” (October 15, 2021)
-- “Rating Structured Finance CDO Restructurings” (November 8, 2023)
-- “Operational Risk Assessment for U.S. RMBS Servicers” (August 31, 2023)
-- “Operational Risk Assessment for U.S. RMBS Originators” (August 31, 2023)
-- “Rating North American CMBS Interest-Only Certificates” (December 13, 2023)

The updates are effective as of June 28, 2024. Morningstar DBRS deems the updates not to be material and determined that no ratings are expected to change as a result of these updates.

Notes:
Morningstar DBRS methodologies are publicly available on its website dbrs.morningstar.com under Methodologies & Criteria.

For more information on this methodology or on this industry, visit dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.