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ARTICLE · 27 APRIL 2021

More 2021 Polar Vortex Fallout: Securitization Bills, Not Satisfying Rating Methodologies Requirements, Unlikely To Get Highest Possible Ratings

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In the aftermath of Winter Storm Uri and the market turmoil that ensued, legislation that contemplates using securitization to potentially

United StatesFinance and Banking
J. Paul Forrester
J. Paul Forrester
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In the aftermath of Winter Storm Uri and the market turmoil that ensued, legislation that contemplates using securitization to potentially fund related economic damages and other dislocation has been proposed in both Texas and Oklahoma; however, in many cases, the proposed legislation does not contemplate critical requirements under the applicable rating agency methodologies. Consequently, any attempted transaction might not obtain the highest possible ratings-one of the key benefits to using securitization.

For example, in Texas there are at least 40 pending bills relating to fallout from Uri, and, of these, at least seven (not counting companion bills) propose the use of securitization. While a detailed review of each of the bills is not practical, a summary of them follows.

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