The OCC released a bulletin clarifying provisions of its market risk capital rules for OCC-regulated banks. The bulletin addresses the risk ratings of sovereign debt exposures, particularly as to countries that do not receive a Country Risk Classification number from the Organization for Economic Cooperation and Development (OECD). The bulletin also eases the OCC's position on measuring the risks of securitizations, stating that they need not be reclassified as “delinquent” due to contractually permitted payment deferrals on the underlying loans (if the deferments are not related to changes in the borrower's creditworthiness).