Arion Bank's Covered Bond Program And Related Issuances Assigned 'A-' Ratings; Outlook Stable

We have assigned our 'A-' ratings to the mortgage covered bond program and related issuances of Iceland-based Arion Bank hf. Our ratings reflect our analysis of the jurisdictional support and do not incorporate any collateral-based uplift. The outlook on the program is stable, reflecting the outlook on the issuer. LONDON (S&P Global Ratings) Oct. 5, 2021--S&P Global Ratings has assigned its 'A-' long-term credit rating to Arion Bank hf.'s covered bond program, its inaugural euro-denominated issuance, and all outstanding Icelandic krona (ISK)-denominated issuances. Our covered bond ratings process follows the methodology and assumptions outlined in our "Covered Bonds Criteria," published on Dec. 9, 2014, and "Covered Bond Ratings Framework: Methodology And Assumptions," published on June 30, 2015. From our analysis

...- We have assigned our 'A-' ratings to the mortgage covered bond program and related issuances of Iceland-based Arion Bank hf. - Our ratings reflect our analysis of the jurisdictional support and do not incorporate any collateral-based uplift. - The outlook on the program is stable, reflecting the outlook on the issuer. LONDON (S&P Global Ratings) Oct. 5, 2021--S&P Global Ratings has assigned its 'A-' long-term credit rating to Arion Bank hf.'s covered bond program, its inaugural euro-denominated issuance, and all outstanding Icelandic krona (ISK)-denominated issuances. Our covered bond ratings process follows the methodology and assumptions outlined in our "Covered Bonds Criteria," published on Dec. 9, 2014, and "Covered Bond Ratings Framework: Methodology And Assumptions," published on June 30, 2015. From our analysis of the legal and regulatory framework for Icelandic covered bonds, we concluded that the assets in the cover pool are isolated from the issuer's insolvency risk. The asset...

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