Moody's reviews Bradford & Bingley's Covered Bond ratings for possible upgrade - Rating Action - 2008/10/03 - Moody's Global Credit Research

Report title: Moody's reviews Bradford & Bingley's Covered Bond ratings for possible upgrade

from Moody's Global Credit Research
865 word report published Oct 03, 2008

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Global Credit Research Rating Action # OCT #### Rating Action: Bradford & Bingley Covered Bond Programme Moody's reviews Bradford & Bingley's Covered Bond ratings for possible upgrade London, ## October #### -- Moody's Investors Services...

Report Type: Rating Action
Issuer: Bradford & Bingley Covered Bond Programme
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...) (the Sponsor Bank ). The Covered Bond investors benefit from the credit strength of the Spon sor Bank, and th e rights of security in respect of a pool of residential mortgages (the Cover Pool ) which is held by a limited lia bility partnership entity (the L LP ). The progr amme has bee n structured us ing securitisation techniques to ri ng fence the C over Pool in th e unlikely even t of insolvency of the Sponsor Bank. In the absence of a specific le gislative framework for covered bonds, the pr ogramme has been established under general UK law. The UK has a relatively creditor-friendly legal framewor k which has ena bled the Spons or Bank to crea te a covered b ond that has si milar characteristics to the covered bonds backed by a specific le gal framework. Over and abov e a number of the restrictions found in many covered bon d frameworks, there have been a numb er of securitisation techniques incorporated in thi s programme. Moody's believes that the us e of ...

Moody's Global Credit Research
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