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1、CHAPTERTHIRTY-FIVERATINGAGENCYAPPROACHTOSTRUCTUREDFINANCEHEDIKATZManagingDirectorFitchRatingsTherearefourmajorareasoffocusinratingastructured-financesecuritiza-tion.Theseare(1)collateralanalysis,wherethecreditoftheunderlyingassetsisevaluated,(2)financialanalysisofthestructure,which
2、mayincludecash-flowmodeling,(3)legalreviewofthestructureanddocumentation,and(4)reviewoftherespectivepartiessuchastheseller/servicer.Thesefourareasoffocusarepresentedandexplainedinacommitteeforumbytheprimaryanalyst.Allratingdecisions,includingratingactionsonexistingtransactions,are
3、madeviaaninternalcommitteeprocess.Thischapterwilldescribethecommitteeprocessandaddresseachofthefourmajorareasoffocusinturn.CREDITCOMMITTEEPROCESSMosttransactionsareratedbyananalyticalteamconsistingofaprimaryandasecondaryanalyst.Theprimaryanalyst,mostoftentheseniorofthetwo,isrespo
4、nsibleformanagingtheratingprocess,includingmeetingtheappropriatetimelineforratingtheparticulartransaction.Thesecondaryanalystworkswiththeprimaryanalysttoanalyzethecollateralandstructureofthetransaction.Theteamformulatesaratingrecommendationandpreparessupportingdocu-mentationforpr
5、esentationtoacreditratingcommittee.Aminimumquorumisnecessaryforacommitteetomakearatingdecision.Thequorumusuallycon-sistsoftheprimaryanalyst,thesecondaryanalyst,twoseniordirectors,andanalystsfromothergroupsasneeded.Moststructuredfinanceratingcommitteescontainatleastthefollowinginfo
6、rmation:•Proposeddealstructureandcomparisonstructuresofissuer’spriorsecuritizations,aswellaspeergroupcomparisons827Copyright©2005,2001,1997,1995,1991,1987,1983byTheMcGraw-HillCompanies,Inc.Clickherefortermsofuse.828PART4CreditAnalysisandCreditRiskModeling•Collateralstratifications
7、providedbybanker/issuer•Underwritingguidelines(ifapplicable)•Originatorand/orservicerreviewsorratings•Collateralpoolanalysisandcomparisonpoolanalysisofissuer’spriorsecuritizations,aswellaspeergroupcomparisons•Performanceofpriorsecuritizations•Defaultandrecoveryassumptions•Cash-flo
8、wresults,includingprepayment,interestrat
