...This exposure draft outlines Fitch Ratings' assumptions for analysing securities backed by UK residential mortgage loans. This report is an addendum to Fitch's EMEA RMBS Rating Criteria. The assumptions are used to rate new and existing RMBS transactions, and mortgage covered bond programmes. In addition, the loss severity assumptions are applicable to the ratings of SME CLO transactions secured by residential real estate. These assumptions are applicable to portfolios comprised of mortgages with market-standard characteristics, as embedded in the data used to derive such assumptions and adjustments. Fitch may apply assumptions or adjustments beyond those specified in this report where a portfolio materially deviates from such market-standard characteristics....
