As of September 26, all reports accompanying new ratings from Moody's on ABS will include comparisons to standard benchmarks for each transaction's representations and warranties and enforcement mechanisms. The new feature responds to Rule 17g-7, adopted by the US Securities and Exchange Commission last January.

The securities affected are both US and non-US securities, including RMBS, CMBS, ABS, commercial paper and CDOs. The securities also include some public finance securities, such as housing bonds and tender option bonds. Moody's will determine the benchmarks for comparable representations and warranties based on US standards, although it is also evaluating the use of local benchmarks.