OREANDA-NEWS. Fitch Ratings has updated its criteria for analysing securities backed by French residential loans.

The assumptions are used for rating new and existing RMBS transactions, and residential covered bond programmes. The market value decline assumptions are also applicable to the ratings of SME CLOs secured by residential real estate.

The criteria addendum replaces the report of the same name dated 31 March 2015.

Changes relate to the market value decline assumptions for each of the regional groups, which were decreased in light of the observed market value decreases.

In addition, the values for a number of existing quantitative adjustments for non-standard loan characteristics, previously defined case by case, have been specified in the criteria report.

The update does not have an impact on any existing ratings.