COVID-19: Supporting Consumers & Businesses

The COVID-19 pandemic will have far reaching impacts on the global economy – supporting consumers and businesses during these times is our priority.

SFA and our member companies are working diligently to ensure the functioning of our country’s capital markets, and the protection of the consumers and communities our members serve.


April 5, 2020

The ink from President Trump’s pen had barely dried after signing the CARES Act when lawmakers started to publicly float ideas for a fourth coronavirus relief bill.

April 14, 2020

Extraordinary times call for extraordinary measures. And the Fed continues to respond appropriately. On April 9, the Federal Reserve once again drew on its full range of authorities to expand and establish lending facilities to provide up to $2.3 trillion in loans to stabilize households, communities and businesses of all sizes during the pandemic crisis and to “ensure that the eventual recovery is as vigorous as possible”.

April 3, 2020

SFA has submitted a letter to the IRS and Treasury seeking guidance on the impact of COVID-19 forbearance policies. Specifically, SFA is requesting guidance ensuring that securitization structures – notably REMICs and grantor trusts – will retain their special tax status.

March 30, 2020

The replay of SFA’s webinar analyzing the recent regulatory and legislative developments in response to COVID-19 and the overall impact to our industry is now available.

March 24, 2020

COVID-19, social distancing, a declaration of a national emergency, and an oil price war all arrived in the U.S. in March. SFA takes a look at the potential impact of recent events on the CLO market.

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The outbreak of COVID-19 has resulted in supply and demand shocks never before known to the world economy. Social distancing and shelter in place directives arising from the COVID-19 outbreak have begun to weigh heavily on consumer demand as businesses, both large and small, close for extended periods of time. As the number of confirmed cases in the U.S. continues to rise, the full impact of this outbreak on the U.S. economy remains uncertain. Businesses and consumers will face increasing pressures during these challenging times. We encourage you to explore our members’ extensive coverage of COVID-19 and its impact on the securitization markets. Links may be found below.


Consumer ABS:


Fitch Publishes Consumer ABS Rating Criteria Exposure Draft – Fitch Ratings

Small Business ABS Credit Quality Hinges On Pandemic Duration And Stimulus Efficacy – S&P Global

10 U.S. Small Business ABS Deals on Watch Downgrade Due to COVID-19 – KBRA

U.S. Structured Finance Trend Watch: Navigating Troubled Waters – KBRA

Coronavirus: Impact of Federal Stimulus on Securitizations Backed by Consumer ReceivablesKBRA

Coronavirus (COVID-19): Impact of Federal Stimulus on Securitizations Backed by Consumer Receivables KBRA

Coronavirus Payment Holidays Could Delay Subordinated SF Interest – Fitch

Coronavirus Containment Actions Pose Material Risk to Global SF -Fitch

Coronavirus (COVID-19): Consumer ABS Braces for DisruptionsKBRA

Heat Map: Bonds Most Vulnerable to Coronavirus are in CLO, CMBS, Floorplan ABS and Rental Car ABS SectorsMoody’s

Global Structured Finance Rating Methodologies and Coronavirus Disease (COVID-19) – DBRS

Coronavirus Could be Fatal for Retailers Facing Downgrades, Bankruptcy – S&P


Auto ABS

Auto ABS – US: Sector Update – Q1 2020: Loan extensions rise as pandemic takes hold – Moody’s

Coronavirus (COVID-19): Modifying Auto and Consumer Loan Delinquency Expectations – KBRA

US Car Rental Bankruptcies May Further Pressure Used Car Prices – Fitch


Thirty-Three U.S. Subprime Auto ABS Ratings From 26 Transactions Placed On CreditWatch Negative  – S&P Global

U.S. Auto Loan Tracker: Both Prime and Subprime Markets Show Effects Of COVID-19 For March 2020 – S&P Global

Auto Loan ABS Sector Outlook – Negative Amid Coronavirus – DBRS

Surge in loan extensions will slow note payments, signals rising borrower distress – Moody’s

60 U.S. Auto Loan and Auto Lease ABS Securities on Watch Due to COVID-19 Concerns KBRA

Structured Finance Ratings: Fitch’s Coronavirus Response So Far (As of April 17) – Fitch

Ford Motor Co. And Subsidiary Ratings Lowered To ‘BB+’ And Placed On CW Negative Due To Weaker Metrics, Pandemic Risk – S&P

Coronavirus Pain for US Automakers Likely to Worsen in Near Future – S&P


Credit Card ABS

15 U.S. Credit Card ABS Securities on Watch Due to COVID-19 Concerns – KBRA

Coronavirus Fallout to Adversely Affect U.S. Credit Card ABS – Fitch Ratings

Coronavirus Impact More Pronounced for Retail Credit Card ABS – Fitch


Equipment ABS

US Equipment ABS Asset Performance Negative on Coronavirus – Fitch


Personal Loan ABS:

Coronavirus poses record shock to obligors, risk is heightened for unsecured loan ABS – Moody’s

DBRS Morningstar’s Marketplace Lending Unsecured Consumer Loan ABS Sector Outlook—Negative Amid Coronavirus – DBRS

169 U.S. Unsecured Consumer ABS Securities on Watch Due to COVID-19 Concerns – KBRA


Rental Car ABS

Rental Car ABS Outlook Revised to Negative On Coronavirus Impact– Fitch

Rental Car ABS Performance Expected to Remain Stable in the Near Term Despite Coronavirus Disease (COVID-19) ConcernsDBRS


Student Loan ABS

DBRS Morningstar Student Loan ABS Update — Q1 2020 Performance – DBRS

Effects Of COVID-19 On U.S. Student Loan ABS – S&P

U.S. Private Student Loan ABS Outlook Negative on Coronavirus Pressure – Fitch


Commercial ABS:

Aircraft ABS

Coronavirus (COVID-19): Aviation ABS Exposure to Avianca’s Bankruptcy Filing – KBRA

As Coronavirus Disease (COVID-19) Weighs on Airlines, Lease Payment Deferrals Are Likely to Rise– DBRS

77 Ratings On 32 Aircraft And Aircraft Engine ABS Deals Placed on Watch Negative Over Reduced Travel Due to Coronavirus – S&P


Whole Business Securitizations

US Whole Business Securitizations Under Stress from COVID-19 – S&P

Coronavirus (COVID-19): Implications for Whole Business Securitizations – KBRA

U.S. WB ABS: Nine Ratings on CreditWatch Negative Due to COVID-19 Stress – S&P (subscription required)


Small Business ABS

Coronavirus (COVID-19): Impact on Small Business ABS – KBRA



Coronavirus (COVID-19): CMBS Loan Performance Trend Update – KBRA

Historical Excess Loss in CMBS Suggests Small Markets, Skilled Nursing/Healthcare Properties, and Regional Malls Are Most at Risk – DBRS

The Next Falling Domino: Student Housing – DBRS

DBRS Morningstar Interactions with CMBS Servicers During COVID-19 Pandemic – DBRS

Extended Closures Come With Significant Challenges for Retail Loans in CMBSDBRS Morningstar

US CMBS conduit/fusion loan delinquencies up in March; coronavirus fallout to fuel further rise – Moody’s

U.S. Lodging-Backed CMBS Bracing For The Impact Of COVID-19S&P

Few Near-Term U.S. CMBS Maturities but Extensions Expected Due to Coronavirus – Fitch

US Conduit Hotel Loans are more Vulnerable than their Single Borrower Counterparts as the Coronavirus Spreads – DBRS

Impacts of Coronavirus: What Does the CMBS Data Tell Us? – Moody’s



Non-QM RMBS And COVID-19: Locking Down States’ Exposure – S&P

KBRA Places 277 Classes Across 53 RMBS Transactions on Watch Downgrade – KBRA

Fitch Ratings Updates U.S. RMBS Diligence to Include Heightened Coronavirus Stresses – Fitch Ratings

KBRA Places 277 Classes Across 53 RMBS Transactions on Watch Downgrade – KBRA

Coronavirus-tied aid will support mortgage performance, bond effects vary by structure – Moody’s

Coronavirus Disease Implications for Government-Sponsored Enterprise Credit Risk Transfer Deals – DBRS

Coronavirus-tied collateral delinquencies will likely rise in the next few months – Moody’s

Coronavirus Disease (COVID-19) Fallout and the Credit Risk Exposure Mapping of U.S. RMBS Sectors – DBRS


Credit FAQ: How European ABS And RMBS Servicers Are Managing COVID-19 Disruption And Payment Holidays – S&P

Japanese Delinquent loan repurchases will moderate defaults amid coronavirus disruptions – Moody’s

Chinese Sector update, Q1 2020 – Delinquencies increased on coronavirus disruptions – Moody’s

Coronavirus Crisis to Test Latin American Securitization Structures – Fitch Rating’s

Will COVID-19 Affect Australian RMBS Ratings – S&P

ABCP – Canada: Sector Update – 2H 2019: Credit quality remained stable – Moody’s

European Credit Card ABS Asset Outlook Negative – Fitch Ratings

European Auto ABS Index Declines Ahead of Coronavirus Impact – Fitch Ratings

China Securitization Performance Watch 1Q 2020: COVID Pain Still To Come – S&P

SME ABS – Europe: Sector Update – Q1 2020: Coronavirus fallout will challenge SME ABS asset quality – Moody’s

CMBS – EMEA: Sector update – Q1 2020: Coronavirus hurts discretionary retail and hotels most – Moody’s

European Auto And Consumer ABS: Analysis Adjusted To Reflect COVID-19 Effects – S&P Global

European CMBS: Assessing The Liquidity Risks Caused By COVID-19 – S&P

China Auto ABS Performance Deteriorates, From a Low Base – Fitch Ratings

Impact of COVID-19 on Canadian Auto Loan ABS – DBRS

Canadian Credit Card, Auto ABS Outlooks Revised to Negative due to Coronavirus ImpactFitch

Credit FAQ: What Do The First Performance Reports Reveal About COVID-19’s Effects On China Auto ABS And RMBS?S&P

Coronavirus to Pressure China’s Near-Term Auto-ABS Performance – Fitch

How COVID-19 Outbreak Affects Rating Assumptions for China ABS and RMBS – S&P

The outbreak of COVID-19 has resulted in supply and demand shocks never before known to the world economy. CLOs with meaningful exposure to impacted sectors will be most vulnerable to the COVID-19 outbreak. SFA strives to support the real economy in times of both crisis and growth by safely enabling greater credit access to industry, consumers, and investors. We encourage you to explore our members’ extensive coverage of COVID-19 and its impact on the securitization markets. Links may be found below.


DBRS Morningstar

CLO Risk Exposure to the Coronavirus Disease (COVID-19)

DBRS Morningstar Updates Oil and Natural Gas Price Assumptions for Corporate Credit Ratings in Light of Higher Oil Price Volatility Tied to the Coronavirus Outbreak

Impact of Coronavirus on Canadian Airport Authorities


Fitch Ratings

Oil Shock Compounds Sovereign Credit Risks from Coronavirus

Coronavirus Pressure Builds for NFP Hospitals, Health Systems

Fitch Stressing CLOs for Coronavirus Vulnerabilities



Corporates: Coronavirus (COVID-19): KBRA’s Corporate Credit Playbook

Aviation: Coronavirus (COVID-19) and its Effect on the Commercial Aviation Industry Comment


Mayer Brown

The Cares Act and CLOs



CLOs – US: Sector Update – Q1 2020: CLO metrics weakened amid robust loan market on eve of pandemic

CLOs – Global: April 2020 Rating Surveillance Update: COVID-19 drives credit deterioration and reviews for downgrades

CLOs – EMEA: Sector Update – Q1 2020: Coronavirus shock hits macro and corporate metrics, CLOs’ performance will follow

CLOs – Global: CLO tranches riskier on coronavirus economic fallout, with rating ramifications

Coronavirus will hurt credit quality of CLOs to varying degrees, structures will soften the blow

CLOs – US: Coronavirus Shock Will Most Affect CLOs With Weak Issuers In Vulnerable Sectors

CLOs – EMEA: Small Amount Of Near-Term Maturities Will Soften Blow To CLOs From Industries Most Vulnerable To Coronavirus Fallout

Airlines Credit Quality Weakens as Coronavirus Causes Unprecedented Stress

Oil & Gas – Cross Region: Low Oil Prices Persisting For Longer Would Imply Additional Risk For Producers

Intensifying efforts to develop coronavirus treatments have positive ESG implications


S&P Global

Under Stress: Assessing CLO Manager Performance During COVID-19

CLO Spotlight: U.S. CLO Exposure To Negative Corporate Rating Actions

How COVID-19 Changed The European CLO Market In 60 Days

CLO Spotlight: U.S. CLO Exposure To Negative Corporate Rating Actions

Scenario Analysis: How Credit Distress Due To COVID-19 Could Affect U.S. CLO Ratings

European Corporate Securitizations: Assessing The Credit Effects Of COVID-19

European CLOs: Assessing The Credit Effects Of COVID-19

CLO Spotlight: Coronavirus Will Put U.S. CLO Diversity And Managers To The Test

Italian Power, Gas Demand Slump Illustrates How Coronavirus has Crippled Industry

Going into the COVID-19 crisis, our households and businesses were supported by strong wages, low unemployment rates and low interest rates. While this will provide some support to our economy, the COVID-19 pandemic has resulted in supply and demand shocks never before known to the world economy. As governments discuss and implement exit strategies, the full impact of this outbreak on the U.S. economy still remains uncertain. SFA strives to support the real economy in times of both crisis and growth by safely enabling greater credit access to industry, consumers, and investors. We encourage you to explore our members’ extensive coverage of COVID-19 and its impact on the securitization markets. Links may be found below.


COVID-19 United States Cases by County, April 2020

Source: Johns Hopkins University of Medicine Coronavirus Resource Center

DBRS Morningstar

COVID-19 Related Global Structured Finance Rating Actions

Replay Webinar: Impact and Implications of Coronavirus on European Credits

COVID-19 Impact Mitigated by Spain’s Recent Economic Momentum


Fitch Ratings

Most Structured Finance Ratings Affirmed, Negative Actions Up

Structured Finance’s Forbearance Challenges Go Beyond Liquidity

Coronavirus Crisis Is Crushing Global GDP Growth

Sector and Rating Outlook for U.S. Banks Revised to Negative



Coronavirus (COVID-19): U.S. Banks Stable Despite Uncertainties



Payment moratoriums disrupt transaction cash flow while helping avoid borrower defaults

Shifts in credit from coronavirus shocks weaken global securitizations

Global Macro Outlook 2020-21 (March 25, 2020 Update) : The Coronavirus Will Cause Unprecedented Shock To The Global Economy

Global Economy Continues to Slide as Coronavirus Outbreak Worsens

Credit Outlook: 19 March 2020

Asia-Pacific Heat Map: Coronavirus Fallout Vulnerability is High in India, Low in Japan, Moderate Elsewhere


S&P Global

COVID-19 Is Testing The Resilience Of Global Structured Finance 

Economic Research: COVID-19 Macroeconomic Update: The Global Recession Is Here And Now

COVID-19 Credit Update: The Sudden Economic Stop Will Bring Intense Credit Pressure

Tracking the Spread and Economic Impact of the Coronavirus

TALF 2020 Deliverables Timeline

A quick reference guide to the required deliverables and related timing associated with TALF borrowing, issuers, sponsors and TALF Agents requirements can be found here. (Source: Mayer Brown)

Guide to the 2020 TALF Program

A guide to the most important features of the 2020 TALF program including eligibility requirements, loan terms, issuer/sponsor requirements, TALF Agent considerations, and a detailed TALF borrowing timeline may be found here. (Source: Morgan Lewis)

Fed Facilities/Programs Summary

SFA has put together a summary table of all the facilities and programs announced by the Fed to-date in response to the COVID-19 crisis.

Read the summary table here.

TALF 2008 vs TALF 2020

SFA has put together a matrix comparing the 2008 TALF program criteria, as well as the asset and loan criteria, to that of 2020 TALF.

Read more here.

Main St. Lending Programs Borrower/Participant Criteria

SFA has put together a summary of the borrower/participant criteria for all of the Main Street Lending Programs.

Read more here.

Federal Statutory Consumer Relief under the CARES Act

A chart summarizing key provisions of the CARES Act can be found here.  (Source: Mayer Brown)


SFA’s Research Corner is where we track the performance on the consumer and business lending that our market finances and the economic impact of the structured finance industry, including market movements and macro signals that impact our members.

Research CornerJune 1, 2020
Research CornerMay 18, 2020 
Research CornerMay 8, 2020
Research CornerMay 1, 2020
Research CornerApril 23, 2020
Research CornerApril 16, 2020


SFA News

June 4, 2020

Michael interviews Marco Davis, President and CEO of the Congressional Hispanic Caucus Institute, where they discuss the impact on the Latino community of COVID-19, institutional bias, and the ongoing protests, as well as how Wall Street can help young Latinos gain access to jobs in finance coming out of college.

SFA News

June 3, 2020

SFA’s Head of Research Elen Callahan hosted a webinar with CoreLogic’s Chief Economist Frank Nothaft, Fitch Rating’s Senior Director Suzanne Mistretta, and New York Real Estate Agent Karen Kostiw on the current status of the US housing market.

Industry News

June 2, 2020

Senators Jerry Moran (R-KS), Martha McSally (R-AZ) and Thom Tillis (R-NC) sent a letter to Federal Reserve Chairman Jerome Powell and Treasury Secretary Steve Mnuchin asking that the Term Asset-Backed Loan Facility (“TALF”) be expanded to accept all essential lending sectors of senior-most asset backed securities (ABS) as eligible collateral.

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Jen Earyes

Head of Policy

Elen Callahan

Managing Director, Head of Research

Leslie Sack

Leslie Sack

Managing Director, Head of Government Relations