OREANDA-NEWS. Fitch Ratings has updated its rating criteria for Multi-Issuer Cedulas Hipotecarias (MICH). The update will have no impact on the existing ratings of MICH.

All assumptions remain unchanged except the standard Rating Default Rates curves that Fitch applies to the commercial and developers cover pool sub-segments. These curves have been recalculated in line with the updated probability of default benchmarks for Spain outlined in the SME CLO criteria for both SMEs and real estate developers.

The updated criteria report replaces the report of the same name dated 25 June 2014. It is available at www.fitchratings.com or by clicking on the link above.