Fitch Ratings placed 23 more tranches of structured finance Dutch RMBS fully or partially backed by the Nationale Hypotheek Garantee (NHG) on Rating Watch Negative.

All tranches of the 15 securitizations backed by Dutch mortgages entirely guaranteed by the NHG are now on RWN.

The NHG is a guarantee provided by WEW, a Dutch government-sponsored institution, to cover losses incurred on mortgage loans after the foreclosure or sale of a property.

The latest ratings actions reflect further expected changes to Fitch's analytical treatment under its June 2006 criteria for rating transactions of Dutch NHG-backed residential mortgages.

In addition to reconsidering the credit given for the commitment of the relevant seller to repurchase non-NHG compliant loans, Fitch said it is contemplating making other changes to the criteria, particularly in the analysis of the "amortization risk" implied by the guarantee and the risk of submitted claims being rejected by the guarantee administrator (or "operational risk").

These changes are expected to widen the impact of the criteria review on the ratings of NHG-backed transactions.

Fitch expects to release an exposure draft in February 2010 to explain the contemplated changes to the methodology and solicit feedback from market participants.

The RWN is expected to be resolved after the publication of the final criteria; Fitch will then consider all material information and any changes to the transaction structure put forward by the issuers.

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