Bulletin: Ratings Unchanged On Van Lanschot Kempen Mortgage Covered Bonds Based On Proposed Amendments

MADRID (S&P Global Ratings) Sept. 11, 2023--S&P Global Ratings said today that its 'AAA' credit ratings would be unchanged on Van Lanschot Kempen N.V.'s mortgage covered bonds if the proposed amendments to the outstanding bond under its conditional pass-through covered bond program were to be effective. Today, Van Lanschot Kempen proposed amending the terms of its outstanding covered bond under its €5 billion conditional pass-through covered bond program. The amendment would change its conditional pass-through payment obligation structure to a soft-bullet maturity (where principal repayment can be extended for up to one year under specified conditions, instead of up to 32 years previously). Furthermore, the covered bond would form part of Van Lanschot Kempen's €5 billion soft-bullet covered bond program

...September 11, 2023 MADRID (S&P Global Ratings) Sept. 11, 2023--S&P Global Ratings said today that its '###' credit ratings would be unchanged on Van Lanschot Kempen N.V.'s mortgage covered bonds if the proposed amendments to the outstanding bond under its conditional pass-through covered bond program were to be effective. Today, Van Lanschot Kempen proposed amending the terms of its outstanding covered bond under its 5 billion conditional pass-through covered bond program. The amendment would change its conditional pass-through payment obligation structure to a soft-bullet maturity (where principal repayment can be extended for up to one year under specified conditions, instead of up to 32 years previously). Furthermore, the covered bond would form part of Van Lanschot Kempen's 5 billion soft-bullet covered bond program and be subject to the transaction documents governing it. We reviewed the asset information the issuer provided as of August 2023 (with a June 2023 cut-off date). The underlying...

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