...This report outlines Fitch Ratings` framework for analysing credit risks inherent in residential mortgage-backed securities (RMBS) transactions, and collateral within covered bonds supported by residential mortgages in Asia-Pacific (APAC). The criteria provide the basis of Fitch`s rating approach, both when Fitch is assigning a rating and when monitoring existing ratings. The approach includes an analysis of risk relating to the underlying assets, the structure of the issuer ¡ from both a financial and a legal standpoint ¡ and operational risk, in particular servicing and trust management arrangements. Related criteria are in Appendix 2....
