...This report details Fitch Ratings' methodology for analysing EMEA commercial mortgage loans and commercial mortgage-backed securities (CMBS). For CMBS, it outlines how the financial and legal structure of the issuer may affect ratings. The criteria are aimed at markets with a track record of commercial real estate (CRE) investment, a range of debt originators, a deep base of occupiers, and reliable legal underpinning of mortgage security. These criteria may also be relevant for the analysis of covered bonds, to the extent that the Criteria for the Analysis of Commercial Real Estate Securing Covered Bonds Assets make reference to the CMBS criteria (eg pools with high obligor concentration)....