Austrian Bausparkasse Wüstenrot AG’s covered bond ratings reflect a seven-notch rating uplift from the private issuer rating. The primary rating driver is cover pool support, reflecting the sound credit quality of the fully domestic and residential mortgage loan-based cover pool. A high level of overcollateralisation also mitigates interest rate and liquidity mismatch risks. The ratings further incorporate the agency’s positive assessment of fundamental credit support factors relevant for Wüstenrot’s covered bonds.

On 17 July 2018, Scope upgraded the covered bonds to AAA/Stable to reflect the credit-positive impact of the amended Austrian Bank Recovery and Resolution Act on Wüstenrot’s issuer rating.

To access the rating report, click here.

Contact rating team (covered bond)