...The principles discussed in this report are applicable to all structured finance (SF) asset classes, including residential and commercial mortgage-backed securities (RMBS and CMBS, respectively), asset-backed securities (ABS), and structured credit transactions. The criteria discussed herein provide an overarching framework applicable to all SF transactions. Any detailed asset class-specific rating criteria published by Fitch Ratings should be considered in addition to these criteria. Specific considerations regarding bankruptcy-remote special-purpose vehicles (SPV) used in many SF transactions to achieve asset isolation are detailed in Appendix 1. The report also outlines in Appendix 2 additional considerations that apply to ratings of repackaged structured finance notes....
