NEW YORK--(BUSINESS WIRE)--Fitch Ratings has updated its special report describing the representations, warranties, and enforcement mechanisms (RW&Es) the agency typically sees in structured finance (SF) transactions.
The report has been updated to include the 'typical' RW&Es that Fitch sees in New Zealand asset-backed securities (ABS). The 'typical' RW&Es for New Zealand ABS were derived from reviewing the documentation of recent transactions that Fitch views as representative of the asset class thus defining what the agency regards as 'similar securities,' which will be used as the basis for comparisons in Fitch transaction level reports.
In addition, the report has been updated to expand the RW&Es related to U.S. residential mortgage backed securities (RMBS) backed by seasoned, re-performing, and non-performing RMBS loans.
The SEC's adoption of Rule 17g-7 requires Nationally Recognized Statistical Rating Organizations to include in credit reports a description of the RW&Es available to investors and compare them 'similar securities.'
The definitions of 'typical' RW&Es are expected to remain somewhat fluid as industry standards in many areas of structured finance continue to evolve. Periodically, Fitch intends to update this report and, in particular, the various asset-level appendices to reflect the developments in standards.
The full report, 'Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions,' is available at 'www.fitchratings.com.'
Additional information is available at 'www.fitchratings.com.'
Applicable Criteria and Related Research: Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=799248
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