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  "domain": "structured-finance",
  "title": "Fitch / Moody's / S&P Japan structured-finance criteria — global agencies vs JCR / R&I",
  "entry_type": "wiki_entry",
  "frontmatter": {
    "title": "Fitch / Moody's / S&P Japan structured-finance criteria — global agencies vs JCR / R&I",
    "aliases": [
      "Global rating agency Japan structured finance criteria",
      "Fitch Japan structured finance",
      "Moody's Japan ABS criteria",
      "S&P Japan securitization criteria",
      "Global vs domestic agency split rating Japan",
      "Sovereign rating cap Japan ABS",
      "structured-finance/fitch-moody-sp-japan-criteria",
      "JapanFG/moodys-japan",
      "JapanFG/sp-global-ratings-japan"
    ],
    "domain": "structured-finance",
    "type": null,
    "created": "2026-05-25",
    "last_updated": "2026-07-29",
    "last_tended": "2026-07-29",
    "review_by": "2027-01-29",
    "confidence": "likely",
    "tags": [
      "structured-finance",
      "rating-agency",
      "fitch",
      "moodys",
      "sp",
      "jcr",
      "ri",
      "japan",
      "criteria"
    ],
    "status": "active",
    "canonical_anchor": null,
    "related": [],
    "note": null,
    "sources": [
      "https://www.fsa.go.jp/menkyo/menkyoj/shinyoukakuduke.pdf",
      "https://www.spglobal.com/ratings/en/regulatory/ratings-criteria/-/articles/criteria/structured-finance/filter/general",
      "https://www.jcr.co.jp/en/rrinfo/meth_sf/",
      "https://jcr.co.jp/en/ratinglist/sf_sf/"
    ]
  },
  "summary": "A reliable agency comparison starts with the same named transaction, tranche, rating date and criteria version. The prior blanket claims—dual ratings as a rule, a 1–3-notch split, fixed recovery gaps, and a sovereign ceiling that prevents Japanese RMBS from receiving AAA—are not supported. S&P's pub",
  "headings": [
    "Fitch / Moody's / S&P Japan structured-finance criteria — global agencies vs JCR / R&I",
    "TL;DR",
    "Wiki route",
    "1. The three global agencies — Japan structured-finance footprint",
    "2. Sovereign-rating cap — the structural ceiling",
    "3. Differences in modelling assumptions",
    "3a. Default frequency / transition matrix",
    "3b. Recovery assumption",
    "3c. Cash-flow stress",
    "4. Transition matrix differences — empirical observation"
  ],
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    "external_links_count": 4,
    "external_links": [
      "https://jcr.co.jp/en/ratinglist/sf_sf/",
      "https://www.fsa.go.jp/menkyo/menkyoj/shinyoukakuduke.pdf",
      "https://www.jcr.co.jp/en/rrinfo/meth_sf/",
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