Nykredit Realkredit A/S - Analysis - 2009/11/16 - Moody's Global Credit Research

Report title: Nykredit Realkredit A/S

from Moody's Global Credit Research
35 page (14515 word) report published Nov 16, 2009

Price $300.00 available for immediate download

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...In September 2009, Moody's downgraded Nykredit Realkredit's issuer rating to A1 from Aa3. The outlook is stable. The lower rating reflects decreased and volatile earnings and anticipated further losses on its loan portfolio. The volatility of its earnings has been high over the past few years due to the large securities portfolio, which also includes strategic shareholdings in regional Danish banks and we expect its earnings to continue to be volatile. It is difficult to see any upward pressure on the issuer rating given the volatility in the bank's overall earnings and the pressure on asset quality that we expect going forward. A downgrade of Nykredit Realkredit's issuer rating could be prompted by a further deterioration of the asset quality of its lending portfolio. Moody's also downgraded Nykredit Bank's BFSR in September 2009 to C- (mapping to a BCA of Baa1) from C+ (A2). The lower BFSR reflects the execution risk in relation to the merger with Forstaedernes Bank (less than half of...

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Nykredit Realkredit A/S

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Moody's Investors Service, a leading global credit rating, research and risk analysis firm, publishes credit opinions, research, and ratings on fixed-income securities, issuers of securities and other credit obligations. Credit ratings and research help investors analyze the credit risks associated with fixed-income securities. Ratings also create efficiencies in fixed-income markets and similar obligations, such as insurance and derivatives, by providing reliable, credible, and independent assessments of credit risk. For issuers, Moody's services increase market liquidity and may reduce transaction costs.

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