...Rating Rationale : The `A' rating of mBank Hipoteczny SA's mortgage covered bonds is based on the bank's Long- Ter m Issuer Default Rating (IDR) of `BBB' and the unchanged pay ment continuity uplift of four notches. The rating is also based on the recovery uplift of one notch and the overcollateralisation (OC) that Fitch Ratings gives credit to of 25.2%, w hich provides more protection than the `A' breakeven OC of 22.0% for the programme. New Credit-Analysis Approach: Fitch's Commercial Real Estate Loans Securing Covered Bonds Analysis Appendix to the agency's Covered Bonds Rating Criteria w as applied in the analysis. This replaces the Commercial Real Estate Loans Securing Covered Bonds Rating Criteria. The Originator- Specific Residential Mortgage Anal ysis Rati ng Criteria , replac ing the Poland Residential Mor tgage Bespoke Rating Criteria Addendum, w as also applied in the analysis. Im proved Credit Loss: The criter ia update for Commercial Real Estate Loans Securing Covered Bonds...
