New analysis on mortgage covered bonds issued by SSB Boligkreditt AS
SSB Boligkreditt AS’s covered bond ratings reflect a six-notch rating uplift above the bank’s issuer rating of A-. The primary rating driver is cover pool support, reflecting the issuer’s sound credit quality and the strong cover pool comprising domestic, residential, low LTV assets that are resilient to high credit stresses.
The ratings further incorporate the agency’s positive assessment of fundamental credit support factors.
The AAA rating of the covered bonds is vulnerable to a downgrade if the issuer’s credit quality deteriorates by three or more notches.
This monitoring note does not constitute a credit rating action, nor does it indicate the likelihood that Scope will conduct a credit rating action in the short term. On 21 April 2022, Scope affirmed the covered bonds at AAA/Stable. Click here for the corresponding press release.