Rating Agency Developments - August 29, 2012

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On August 23, Moody’s identified key risk factors in securitizations of single-family rental properties, including: (i) the performance of a manager of the properties; (ii) the variability of cash flows from the rental and ultimate sale of the properties; and (iii) the lack of historical data on the single-family rental market. Moody’s Release.

On August 23, Moody’s released its reinvestment rate assumptions for U.S. state revolving fund and pool programs. Moody’s Report.

On August 23, Moody’s released its interest rate assumptions for state HFA cash flows. Moody’s Report.

On August 22, DBRS issued a request for comment on its U.S. collateralized fund obligations backed by private equity rating criteria. DBRS Request for Comment.

On August 21, Moody’s published a request for comment on proposed adjustments to its modeling assumptions to account for the impact of a rapid and significant country credit deterioration on structured finance transactions. Comments may be submitted until October 30. Moody’s Release. Moody’s Report.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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