London, 13 May 2014 -- Moody's announced today that it has adjusted its reference point, the covered bond anchor (CB anchor), for determining the probability that Aktia Bank plc (the issuer, deposits A3 negative, bank financial strength rating C- stable/adjusted baseline credit assessment baa2) will cease making payments under its covered bond programme following the update to the issuer's ratio of 'bail-in-able' debt to total liabilities (the debt ratio). Following publication of the issuer's 2013 year-end annual accounts, Moody's has determined that the issuer's debt ratio is now between 5%-10%. Consequently, the CB anchor is now the issuer's senior unsecured rating plus one notch. The higher CB anchor reduces the minimum collateral level which is consistent with the covered bonds' current ratings; it also increases the robustness of the covered bond ratings against any future issuer rating downgrade.

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