The AAA ratings with a Stable Outlook assigned to the mortgage covered bonds (Særligt dækkede realkreditobligationer - SDRO) issued out of capital centre S and of capital centre T by Realkredit Danmark A/S are based on the bank's issuer rating (A+ / Stable) enhanced by governance-support based uplift.

The AAA rating is supported by the legal minimum overcollateralisation (OC) of 2% and benefits from a downgrade buffer of up to five notches.

Cover pool support could provide additional rating stability. If the rating of the issuer would be downgraded to BBB-, the maintained nominal overcollateralisation would be sufficient to support the highest achievable rating on the mortgage covered bonds.

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. Information about the latest credit rating action connected with this monitoring note along with the associated rating history can be found on www.scoperatings.com.

Download the performance update for Capital Centre S

Download the performance update for Capital Centre T