...This report describes Fitch Ratings` methodology for analysing credit risk in Spanish multi- issuer mortgage-covered bonds or cedulas hipotecarias (multi-issuer CH or MICH) transactions. MICH ratings are structured finance ratings and include an sf suffix. These ratings address the relative vulnerability to default of the rated notes with regard to the receipt of timely interest and ultimate principal by legal final maturity date, in accordance with the terms of the notes documentation....