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Bulletin: No Rating Change To SBAB's Covered Bond Program But Remedies Required
Standard & Poors, Nov 2008
Abstract
FRANKFURT (Standard & poor's) Nov. 28, 2008--The recent downgrade of Sveriges Bostadsfinansieringsaktiebolag, SBAB (publ) currently has no effect on the 'AAA' rating on its covered bond program, AB Sveriges Sakerstallda Obligationer (publ) (The Swedish Covered Bond Corp.) (The Swedish Covered Bond Corp.; SCBC). According to a report published today by Standard & Poor's Ratings Services, under the SCBC's current program documentation, it must take certain remedy actions following SBAB's downgrade. If the actions are implemented, the cut to SBAB's rating will not negatively affect the rating on the covered bonds. We are monitoring the execution of these remedies and expect to get further information from SBAB on the details and the timing of the process. These remedy actions are to...
Companies mentioned in this report are: AB Sveriges Sakerstallda Obligationer (publ) (The Swedish Covered Bond Corp.),SBAB Bank AB (publ)
Action: Bulletin
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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