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Covered Bond Ratings Actions In Connection With Revised Covered Bond Criteria - Dec. 16, 2009 Dec 09

  • ID: 1711632
  • December 2009
  • Standard & Poors

FEATURED COMPANIES

  • AIB Mortgage Bank
  • Banco Espirito Santo S.A.
  • Deutsche Bank AG
  • HSBC SFH (France)
  • Nordea Hypotek AB
  • Portigon AG
  • MORE

Abstract
As a result of our criteria update for assessing asset-liability mismatch risk in covered bonds, Standard & Poor's Ratings Services has taken various rating actions on most covered bond programs it rates. The following tables provide summary details of the rating actions on the publicly rated covered bond programs (see also "Ratings On 98 Covered Bond Programs Placed On CreditWatch After Criteria Revision," published Dec. 16, 2009). For the full criteria article see "Revised Methodology And Assumptions For Assessing Asset-Liability Mismatch Risk In Covered Bonds," published Dec. 16, 2009. Ratings On 98 Covered Bond Programs Placed On CreditWatch After Criteria Revision, Dec. 16, 2009 Revised Methodology And Assumptions For Assessing Asset-Liability Mismatch Risk In Covered Bonds, Dec. 16, 2009 Covered...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

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- Deutsche Bank AG
- Danske Bank A/S
- Landesbank Hessen-Thueringen Girozentrale
- Portigon AG
- Nykredit Realkredit A/S
- Caja de Ahorros y Monte de Piedad de Madrid
- Swedbank Mortgage AB
- ING Bank N.V.
- Banco Espirito Santo S.A.
- Caixa Geral de Depositos S.A.
- Barclays Bank S.A.U.
- DekaBank Deutsche Girozentrale
- Fundacion Bancaria Caja de Ahorros y Pensiones de Barcelona
- Banco Popular Espanol S.A.
- DZ BANK AG Deutsche Zentral-Genossenschaftsbank
- Landshypotek Bank AB
- Banco BPI S.A.
- Dexia Kommunalbank Deutschland AG
- Deutsche Pfandbriefbank AG
- UniCredit Bank AG
- Deutsche Genossenschafts-Hypothekenbank AG
- Deutsche Apotheker- und Aerztebank eG
- Landesbank Baden-Wuerttemberg
- Nordea Hypotek AB
- Compagnie de Financement Foncier
- Caisse Francaise de Financement Local
- WL BANK AG Westfaelische Landschaft Bodenkreditbank
- Banco Bilbao Vizcaya Argentaria S.A.
- Credit Foncier et Communal d'Alsace et de Lorraine - Societe de Credit Foncier
- Hypothekenbank Frankfurt International S.A.
- DEPFA Pfandbrief Bank International S.A.
- Erste Europaeische Pfandbrief- und Kommunalkreditbank AG
- Totalkredit A/S
- Deutsche Postbank AG
- Hypothekenbank Frankfurt AG
- NRW.BANK
- Depfa ACS Bank
- Realkredit Danmark A/S
- Westdeutsche ImmobilienBank
- Bank of Scotland PLC Covered Bond Programme
- EAA Covered Bond Bank Public Ltd Co.
- NRAM Plc Global Covered Bond Programme
- Bradford & Bingley PLC Covered Bond Programme
- Bank of Ireland Mortgage Bank
- Nordea Kredit Realkredit A/S
- Banco Santander Totta S.A.
- Abbey National Treasury Services PLC Global Covered Bond Programme
- ABN AMRO Bank N.V. Covered Bond Programme
- Nationwide Building Society Global Covered Bond Programme
- Intermoney Master Cedulas, Fondo de Titulizacion de Activos
- Programa Cedulas TDA, Fondo de Titulizacion de Activos
- WM Covered Bond Program
- BA Covered Bond Issuer
- Cedulas Grupo Banco Popular 3, Fondo de Titulizacion de Activos
- NORD/LB Luxembourg S.A. Covered Bond Bank
- OP Mortgage Bank
- Lansforsakringar Hypotek
- Credit Mutuel-CIC Home Loan SFH
- AIB Mortgage Bank
- Fondo de Titulizacion de Activos, Programa Independiente de Titulizacion de Cedulas Hipotecarias
- Dexia LdG Banque S.A.
- Banques Populaires Covered Bonds Programme
- Societe Generale SCF
- NIBC Bank N.V. Covered Bond Programme
- Barclays Bank PLC Global Covered Bond Programme
- HSBC SFH (France)
- Credit Agricole Home Loan SFH Covered Bond Program
- UniCredit SpA Obbligazioni Bancarie Garantite Programme
- Bank of Scotland plc Social Housing Covered Bond Programme
- Bank of Scotland PLC GBP15 billion Global Covered Bond Programme
- Arkea Home Loans SFH
- BNP Paribas Public Sector SCF
- GE SCF S.C.A
- AyT Cedulas Cajas Global, Fondo de Titulizacion de Activos
- IM Cedulas 5, Fondo de Titulizacion de Activos

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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