Press Releases; Governance & Regulatory Affairs
DBRS Approved by NY Fed to Rate Eligible ABS TALF Transactions
DBRS has recently been approved by the Federal Reserve Bank of New York (the NY Fed) as an eligible credit rating agency to rate Term Asset-Backed Securities Loan Facility (TALF) asset-backed securities (ABS) transactions. The NY Fed’s approval to add DBRS was granted on December 23, 2009.
Commencing with the February 2010 TALF subscription date, DBRS will be approved for the following TALF asset sectors: auto, floorplan, equipment, credit card, premium finance, servicing advances and student loan.
On December 4, 2009, the Federal Reserve Board adopted a rule to establish a process for the NY Fed to determine the eligibility of credit rating agencies for TALF ABS.
Prior to this important recognition, DBRS was approved to rate commercial mortgage-backed securities (CMBS) under TALF on May 19, 2009.
“Our inclusion provides another opinion and source of insight for investors to make an informed choice. TALF is an important program to assist in restoring confidence to the U.S. securitization market,” says David Schroeder, CEO of DBRS.
To date, DBRS is one of only four Nationally Recognized Statistical Rating Organizations (NRSROs) to have been approved by the NY Fed to rate TALF ABS deals.
DBRS is a recognized international rating agency, providing timely and comprehensive rating opinions to the world’s capital markets. Privately owned and independent, DBRS offers in-depth credit analysis of corporate, financial institutions and government issues on a global basis, presently rating 2,300 issuers that represent 42,000 securities.
DBRS has global regulatory and market acceptance as outlined under Registrations, Recognitions and Approvals on the Regulatory Affairs page at www.dbrs.com.