OREANDA-NEWS. Fitch Ratings has updated its criteria for analysing securities backed by Irish residential mortgage loans. No ratings are affected by the update.

The market value decline (MVD) assumptions for properties in Dublin and outside Dublin have been updated to reflect the latest house price index data. At the 'AAA' level, the MVD has increased by 1.2% for Dublin and 4.9% for outside Dublin on a relative basis.

The updated assumptions are used for rating new and existing RMBS transactions as well as mortgage covered bond programmes. In addition the market value decline assumptions are applicable to the ratings of SME CLOs secured by residential real estate.

The criteria addendum replaces the report of the same name dated 10 June 2015.