Morningstar DBRS and Moody’s gained share in non-agency MBS ratings in the second quarter, while S&P made up ground in the ABS market. Fitch, however, remained the top rating service in both sectors. (Includes two data charts.)

Preferred equity and residual-interest debt financing are increasingly being used in ABS and CLO transactions.

The guidance clarifies that data center securitizations aren’t considered ABS as defined in the Securities Exchange Act.