Standard & Poor’s does not expect to publish updated counterparty criteria for covered bonds before October, the rating agency announced yesterday (Monday).

It said that it is “giving due consideration to the opinions expressed” during a consultation period that ended on 4 May and yielded “significant” levels of feedback.

S&P at the beginning of June reported on the comments it received on its proposals.

Karlo Fuchs, analytical manager for covered bond ratings at S&P, told The Covered Bond Report that for internal reasons the rating agency had not been able to advance as quickly as originally intended.

The rating agency had been receiving questions from market participants about whether finalised criteria would be released before a possible wave of benchmark supply, and so wanted to provide an update about the timing, he added.