RPT-Fitch: Chilean Mortgage Bond Framework Falls Short of the Mark
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Aug 26 (Reuters) - (The following statement was released by the rating agency)
Chile's dedicated covered bond framework, introduced last year to enhance bank funding for mortgage lending, is weak in international comparison, according to a new special report by Fitch Ratings. 'While the new legislation shares similarities with other covered bonds frameworks, it offers less protection to investors used to other modern frameworks,' says Juan Pablo Gil, Senior Director at Fitch.
Based on the rating agency's analysis, Chilean mortgage bonds rank poorly in terms of discontinuity risk and overall recovery potential. The complete analysis is described in the report titled 'Chilean Mortgage Bond Framework,' available on the Fitch web site at 'www.fitchratings.com'.
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