OREANDA-NEWS. Fitch Ratings has updated its criteria for analysing securities backed by Spanish residential mortgage loans. The assumptions are used for rating new and existing RMBS transactions as well as mortgage covered bond programmes. In addition the market value decline assumptions are applicable to the ratings of SME CLOs secured by residential real estate.

The criteria addendum replaces the report of the same name dated 24 August 2015.

The only change relates to the introduction of probability of default assumptions for restructured loans. The update does not have any impact on existing ratings.