When looking at activity by rating services in 2020, the SEC found problems involving ABS and CLOs, among other issues. The regulator as usual didn’t identify the offenders.

Four firms are currently offering whole-business ABS. Two of the deals received ratings from both KBRA and S&P, though the rating services differed in their assessments.

In a new report, the Structured Finance Association said 2021 green auto ABS deals totaled $3.5 billion and detailed how rating services weigh emissions when considering ESG factors.

Moody’s Investors Service estimates more than $22 billion of utility cost recovery charge securitizations will be issued in 2022 and 2023.

Non-agency MBS hit the market ahead of Thanksgiving; rating upgrades possible with new commercial MBS methodology at Moody’s; timeshare securitization performance stable; Fitch extends comment period for proposed criteria to rate shipping container ABS; California launches tobacco-settlement securitization.

After a lapse at the beginning of the pandemic, commercial PACE lending and the associated ABS offerings have grown steadily.

At one point during the pandemic, used car prices were up 50% year over year. Now, appreciation is around 20%, prompting speculation that auto ABS performance will take a hit.

The two restaurant chains will use the ABS proceeds to largely pay down their previous deals. The Taco Bell issuance received a higher rating than Hooters.

During a Capitol Hill hearing, House Democrats focused on credit rating shortcomings that allowed for the subprime crisis of 2007-2008 and inadequate reforms that followed.

Asian auto ABS issuers fare better on greenhouse gas scores because they have relatively lower truck/SUV concentrations than U.S. companies, according to KBRA.