...This criteria report contains Fitch Ratings' criteria for analysing securities backed by Portuguese residential mortgage loans. The agency will use the published criteria assumptions for rating new and existing RMBS transactions, while the mortgage-loss assumptions will also be applicable to mortgage covered bond programmes. In addition, market value decline (MVD) assumptions will apply to SME CLOs secured by residential real estate. This report should be read together with the reports EMEA RMBS Master Rating Criteria, EMEA Residential Mortgage Loss Criteria, and EMEA RMBS Cash Flow Analysis Criteria, published on 28 May 2014 and available at www.fitchratings.com (see Related Criteria) for a comprehensive understanding of Fitch's approach for rating Portuguese RMBS....
