Fitch Ratings has updated its criteria for Spanish residential mortgage-backed securitizations in response to the changing trends in the country's mortgage market."Positive performance based on observations of arrears data per year of origination and original loan-to-value ratios led us to reduce our default assumptions under the new approach," said Gustavo Celi, associate director in Fitch's RMBS unit. Fitch has also revised upward its market value decline assumptions to address the potential risk of steep residential property price declines based on property price observations. Fitch can be found on the Web at http://www.fitchratings.com.

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