Assessing The Evolving Third-Party Loan Origination Legal Risks For U.S. Consumer Loan ABS
Jun 17, 2025 -… We have been monitoring the evolution of these risks and want to clarify how we assess them in our rating analysis of U.S. consumer loan asset-backed securities (ABS) transactions (see " Marketplace Lending And The True Lender Conundrum ," Feb. 22, 2019; " U.S. …
Navigating Tariffs' Credit Implications Across Asset Classes
Jun 17, 2025 -… In the consumer asset-backed securities (ABS) sector, we expect the main transmission channels for potential deterioration in collateral performance will stem from tariff-related effects on macroeconomic factors , such as rising unemployment, higher interest rates, lower economic growth, and increased inflation. …
Private Credit Penetrates Asia-Pacific Securitization Markets
Jun 16, 2025 -… Issuance has expanded beyond the traditional asset classes of RMBS and auto asset-backed securities (ABS) to encompass a broader range of consumer assets. …
Credit FAQ: How We Would Rate A Project Finance CLO In Asia-Pacific
Jun 13, 2025 -… These include collateralized debt obligations (CDOs) of PF debt, infrastructure asset-backed securities (IABS), and infrastructure loan-backed securities (ILBS). …
Inside Global ABCP 2025: A New Purpose Emerges
Jun 4, 2025 -… Table 2 12-month North America structured finance outlook - Q2 2025 Collateral performance outlook Ratings trends ABCP Stable Stable ABS - Prime auto loans ABS Somewhat weaker Stable ABS - Subprime auto loans Somewhat weaker Stable ABS - Auto lease Stable Stable ABS - Auto dealer floorplan Stable Stable ABS - Credit cards Somewhat weaker Stable ABS - Unsecured consumer loans Somewhat weaker Stable ABS - FFELP student loan Somewhat weaker Stable ABS - Private student loan Somewhat weaker Stable ABS - Commercial equipment Stable Stable ABCP--Asset-backed commercial paper. ABS--Asset-backed securities. Source: S&P Global Ratings. Credit Conditions Remain Uncertain As Tariff Policy Evolves We recently revised our GDP growth forecasts closer to our previous March 27, 2025, numbers following the reduction in the U.S. and China bilateral tariffs on May 12, 2025, and 90-day pause. …
Table Of Contents: S&P Global Ratings Credit Rating Models
Jun 2, 2025 -… PUBLIC FINANCE STRUCTURED FINANCE RATINGS: GENERAL STRUCTURED FINANCE RATINGS: ASSET-BACKED SECURITIES (ABS) STRUCTURED FINANCE RATINGS: COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) STRUCTURED FINANCE RATINGS: COVERED BONDS STRUCTURED FINANCE RATINGS: RESIDENTIAL MORTGAGE-BACKED SECURITIES (RMBS) STRUCTURED FINANCE RATINGS: STRUCTURED CREDIT An S&P Global Ratings model information document provides a summary description of a Ratings Model (a model that is used in the process of determining a Credit Rating) or a Criteria Model (a complex model that is based on advanced economic, financial, mathematical, or statistical methodologies used in the development of Criteria). ...Governments Credit Rating Model STRUCTURED FINANCE RATINGS: GENERAL STRUCTURED FINANCE Cash Flow Evaluator Engine STRUCTURED FINANCE Collateral Posting Requirements STRUCTURED FINANCE Foreign Exchange Rate STRUCTURED FINANCE Cashflow Analyzer STRUCTURED FINANCE WAFFLE for Mortgage Loans STRUCTURED FINANCE RATINGS: ASSET-BACKED SECURITIES (ABS) ABS Cash Flow - Arqiva / Arqiva PP Financing Plc ABS Commercial Paper Programwide Credit Enhancement - Global ABS Deal Analyzer Cash Flow - APAC Excluding Japan ABS Deal Analyzer Cash Flow - Auto Lease ABS Deal Analyzer Cash Flow - Auto Lease - EMEA ABS Deal Analyzer Cash Flow - Auto Loan ABS Deal Analyzer Cash Flow - Auto Loans - EMEA ABS Deal Analyzer Cash Flow - Consumer Loans ABS Deal Analyzer Cash Flow - Consumer Loans - EMEA ABS Deal Analyzer Cash Flow - Credit Cards ABS Deal Analyzer Cash Flow - Credit Cards - APAC & EMEA ABS Deal Analyzer Cash Flow - Dealer Floor Plan ABS Deal Analyzer Cash Flow - Equipment ABS Deal Analyzer Cash Flow - Equipment Lease - EMEA ABS Deal Analyzer Cash Flow - Student Loan ABS Inflation Indices ABS Income Contingent Repayment (ICR) Student Loans Third Party Credit and Cash Flow ABS Intex Cash Flow - Student Loans - (Third-Party) ABS Loss Projection Model ABS Loss Projection - North America ABS EMEA ABS WAC Compression And Prepayment Loss Model STRUCTURED FINANCE RATINGS: COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) CMBS Cash Flow CMBS Recovery Proceeds Estimate - European CMBS Transaction Engine STRUCTURED FINANCE RATINGS: COVERED BONDS COVERED BONDS Commercial Real Estate (CRE) COVERED BONDS Deal Analyzer Cash Flow - Structured Covered Bonds COVERED BONDS Monitor COVERED BONDS Repline Generator - Multicedulas CRE Assets - Spain COVERED BONDS Repline Generator - Multicedulas Residential Assets - Spain COVERED BONDS Repline Generator - Residential & CRE Assets - Spain STRUCTURED FINANCE RATINGS: RESIDENTIAL MORTGAGE-BACKED SECURITIES (RMBS) RMBS European RMBS – Data Quality Assessment RMBS Cohort Report - U.S. …
Scenario Analysis: Why China ABS And RMBS Ratings Could Be Resilient To Tariff Risks
May 28, 2025 -… In response to investors' interest in the impact of tariffs on China's securitization transactions, S&P Global Ratings tested the resilience of the Chinese asset-backed securities (ABS) and residential mortgage-backed securities (RMBS) that it rates. …
Tariff Effects On European Structured Finance Are Limited
May 23, 2025 -… Yet the slowdowns in these two sectors were offset by an uptick in asset-backed securities (ABS) and CMBS volumes. In the covered bond sector, volumes returned to more typical levels in the first quarter of 2025, following above-average issuance over 2022-2024. …
Sector Review: China Securitization Performance Watch 1Q 2025: Tariff Impact Looms Despite Robust Issuance
May 14, 2025 -… Key Takeaways We expect issuance in China's structured finance market to stay flat at Chinese renminbi (RMB) 2 trillion in 2025, given the current economic conditions. Lease asset-backed securities (ABS), consumer loan ABS, and small loan ABS exhibited strong momentum in first-quarter 2025. …
U.S. Auto Loan ABS Tracker: March 2025 Performance
May 6, 2025 -… Table 4 Historical ratings activity--U.S. auto loan ABS Period Upgrades Downgrades 2015 177 0 2016 357 0 2017 322 0 2018 335 2 2019 432 5 2020 332 8 2021 579 0 2022 416 6 2023 396 6 2024 313 11 2025(i) 25 0 Total 3,684 38 (i)As of April 30, 2025. ABS--Asset-backed securities. Table 5 Historical ratings activity--Canadian ABS auto loan ABS Period Upgrades Downgrades 2021 8 0 2022 3 0 2023 2 0 2024 0 0 2025(i) 2 0 Total 15 0 (i)As of April 30, 2025. ABS--Asset-backed securities. In April 2024, we reviewed 17 U.S. transactions and raised our loss expectations on 14, decreased them on one, and maintained them on two. …
Assessing The Evolving Third-Party Loan Origination Legal Risks For U.S. Consumer Loan ABS
Jun 17, 2025 -… We have been monitoring the evolution of these risks and want to clarify how we assess them in our rating analysis of U.S. consumer loan asset-backed securities (ABS) transactions (see " Marketplace Lending And The True Lender Conundrum ," Feb. 22, 2019; " U.S. …
Navigating Tariffs' Credit Implications Across Asset Classes
Jun 17, 2025 -… In the consumer asset-backed securities (ABS) sector, we expect the main transmission channels for potential deterioration in collateral performance will stem from tariff-related effects on macroeconomic factors , such as rising unemployment, higher interest rates, lower economic growth, and increased inflation. …
Private Credit Penetrates Asia-Pacific Securitization Markets
Jun 16, 2025 -… Issuance has expanded beyond the traditional asset classes of RMBS and auto asset-backed securities (ABS) to encompass a broader range of consumer assets. …
Credit FAQ: How We Would Rate A Project Finance CLO In Asia-Pacific
Jun 13, 2025 -… These include collateralized debt obligations (CDOs) of PF debt, infrastructure asset-backed securities (IABS), and infrastructure loan-backed securities (ILBS). …
Inside Global ABCP 2025: A New Purpose Emerges
Jun 4, 2025 -… Table 2 12-month North America structured finance outlook - Q2 2025 Collateral performance outlook Ratings trends ABCP Stable Stable ABS - Prime auto loans ABS Somewhat weaker Stable ABS - Subprime auto loans Somewhat weaker Stable ABS - Auto lease Stable Stable ABS - Auto dealer floorplan Stable Stable ABS - Credit cards Somewhat weaker Stable ABS - Unsecured consumer loans Somewhat weaker Stable ABS - FFELP student loan Somewhat weaker Stable ABS - Private student loan Somewhat weaker Stable ABS - Commercial equipment Stable Stable ABCP--Asset-backed commercial paper. ABS--Asset-backed securities. Source: S&P Global Ratings. Credit Conditions Remain Uncertain As Tariff Policy Evolves We recently revised our GDP growth forecasts closer to our previous March 27, 2025, numbers following the reduction in the U.S. and China bilateral tariffs on May 12, 2025, and 90-day pause. …
Table Of Contents: S&P Global Ratings Credit Rating Models
Jun 2, 2025 -… PUBLIC FINANCE STRUCTURED FINANCE RATINGS: GENERAL STRUCTURED FINANCE RATINGS: ASSET-BACKED SECURITIES (ABS) STRUCTURED FINANCE RATINGS: COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) STRUCTURED FINANCE RATINGS: COVERED BONDS STRUCTURED FINANCE RATINGS: RESIDENTIAL MORTGAGE-BACKED SECURITIES (RMBS) STRUCTURED FINANCE RATINGS: STRUCTURED CREDIT An S&P Global Ratings model information document provides a summary description of a Ratings Model (a model that is used in the process of determining a Credit Rating) or a Criteria Model (a complex model that is based on advanced economic, financial, mathematical, or statistical methodologies used in the development of Criteria). ...Governments Credit Rating Model STRUCTURED FINANCE RATINGS: GENERAL STRUCTURED FINANCE Cash Flow Evaluator Engine STRUCTURED FINANCE Collateral Posting Requirements STRUCTURED FINANCE Foreign Exchange Rate STRUCTURED FINANCE Cashflow Analyzer STRUCTURED FINANCE WAFFLE for Mortgage Loans STRUCTURED FINANCE RATINGS: ASSET-BACKED SECURITIES (ABS) ABS Cash Flow - Arqiva / Arqiva PP Financing Plc ABS Commercial Paper Programwide Credit Enhancement - Global ABS Deal Analyzer Cash Flow - APAC Excluding Japan ABS Deal Analyzer Cash Flow - Auto Lease ABS Deal Analyzer Cash Flow - Auto Lease - EMEA ABS Deal Analyzer Cash Flow - Auto Loan ABS Deal Analyzer Cash Flow - Auto Loans - EMEA ABS Deal Analyzer Cash Flow - Consumer Loans ABS Deal Analyzer Cash Flow - Consumer Loans - EMEA ABS Deal Analyzer Cash Flow - Credit Cards ABS Deal Analyzer Cash Flow - Credit Cards - APAC & EMEA ABS Deal Analyzer Cash Flow - Dealer Floor Plan ABS Deal Analyzer Cash Flow - Equipment ABS Deal Analyzer Cash Flow - Equipment Lease - EMEA ABS Deal Analyzer Cash Flow - Student Loan ABS Inflation Indices ABS Income Contingent Repayment (ICR) Student Loans Third Party Credit and Cash Flow ABS Intex Cash Flow - Student Loans - (Third-Party) ABS Loss Projection Model ABS Loss Projection - North America ABS EMEA ABS WAC Compression And Prepayment Loss Model STRUCTURED FINANCE RATINGS: COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) CMBS Cash Flow CMBS Recovery Proceeds Estimate - European CMBS Transaction Engine STRUCTURED FINANCE RATINGS: COVERED BONDS COVERED BONDS Commercial Real Estate (CRE) COVERED BONDS Deal Analyzer Cash Flow - Structured Covered Bonds COVERED BONDS Monitor COVERED BONDS Repline Generator - Multicedulas CRE Assets - Spain COVERED BONDS Repline Generator - Multicedulas Residential Assets - Spain COVERED BONDS Repline Generator - Residential & CRE Assets - Spain STRUCTURED FINANCE RATINGS: RESIDENTIAL MORTGAGE-BACKED SECURITIES (RMBS) RMBS European RMBS – Data Quality Assessment RMBS Cohort Report - U.S. …
Scenario Analysis: Why China ABS And RMBS Ratings Could Be Resilient To Tariff Risks
May 28, 2025 -… In response to investors' interest in the impact of tariffs on China's securitization transactions, S&P Global Ratings tested the resilience of the Chinese asset-backed securities (ABS) and residential mortgage-backed securities (RMBS) that it rates. …
Tariff Effects On European Structured Finance Are Limited
May 23, 2025 -… Yet the slowdowns in these two sectors were offset by an uptick in asset-backed securities (ABS) and CMBS volumes. In the covered bond sector, volumes returned to more typical levels in the first quarter of 2025, following above-average issuance over 2022-2024. …
Sector Review: China Securitization Performance Watch 1Q 2025: Tariff Impact Looms Despite Robust Issuance
May 14, 2025 -… Key Takeaways We expect issuance in China's structured finance market to stay flat at Chinese renminbi (RMB) 2 trillion in 2025, given the current economic conditions. Lease asset-backed securities (ABS), consumer loan ABS, and small loan ABS exhibited strong momentum in first-quarter 2025. …
U.S. Auto Loan ABS Tracker: March 2025 Performance
May 6, 2025 -… Table 4 Historical ratings activity--U.S. auto loan ABS Period Upgrades Downgrades 2015 177 0 2016 357 0 2017 322 0 2018 335 2 2019 432 5 2020 332 8 2021 579 0 2022 416 6 2023 396 6 2024 313 11 2025(i) 25 0 Total 3,684 38 (i)As of April 30, 2025. ABS--Asset-backed securities. Table 5 Historical ratings activity--Canadian ABS auto loan ABS Period Upgrades Downgrades 2021 8 0 2022 3 0 2023 2 0 2024 0 0 2025(i) 2 0 Total 15 0 (i)As of April 30, 2025. ABS--Asset-backed securities. In April 2024, we reviewed 17 U.S. transactions and raised our loss expectations on 14, decreased them on one, and maintained them on two. …