...This criteria report describes Fitch Ratings' approach to rating residential mortgage-backed securities (RMBS) transactions and collateral within covered bonds supported by residential mortgages in Latin America. This report addresses Fitch assigning ratings and monitoring existing ratings. The approach includes an analysis of risk related to the underlying assets, the structure of the issuer (from both a financial and legal standpoint) and operational risk, particularly servicing and trust management arrangements. Related criteria are shown in Appendix 2. The majority of ratings assigned to Latin American securitizations are on the national scale. Nonetheless, this report is applicable for both international local-currency (LC) ratings and ratings on the national scale. For further detail on international foreign and LC ratings, see Fitch's "Criteria for Rating Securitizations in Emerging Markets," dated November 2014....
