Covered Bonds Surveillance Snapshot

...In this edition, we are very pleased to provide an overview (see p. 16) of Fitch Ratings' newly assigned Environmental, Social and Governance relevance scores (ESG.RS) for covered bonds and Multi Issuer of CTdulas Hipotecarias (MICH) transactions. The scores for each programme and MICH are found in a new workbook of our Snapshot Surveillance excel file. This forms part of a Fitch global initiative to disclose the influence of ESG factors on our credit ratings: elevated scores of 4 and 5 indicate that a given ESG element is material to the assigned rating, either in combination with other factors (4) or on its own (5). Fitch's ESG.RS are not designed to measure actual environmental or social impacts or governance principles performance. We believe they add value for investors, and would be very pleased to hear back from you on their usefulness. Among the Fitch covered bonds research published during 3Q19, the following are worth highlighting: + We continued our series on Unique Features...

Performance Summary