Nordea Kredit Realkredit's Capital Center 1 Mortgage Bonds 'AAA' Ratings Affirmed; Outlook Stable

OVERVIEW As part of our ongoing surveillance, we have reviewed our ratings on Nordea Kredit Realkredit Capital Centre 1 Danish mortgage bond program and related issuances. The program's available credit enhancement and features remain commensurate with the currently assigned ratings. We are therefore affirming our 'AAA' ratings on the Capital Centre 1 program and related issuances. The stable outlook on our ratings reflects that there are four unused notches of collateral-based uplift from the reference rating level on the program. LONDON (S&P Global Ratings) Nov. 17, 2016--S&P Global Ratings today affirmed its 'AAA' credit ratings on Danish mortgage credit institution Nordea Kredit Realkredit A/S' Capital Center 1 mortgage bond program and all series of "Realkredit obligationer" (RO) covered bonds issued

...OVERVIEW + As part of our ongoing surveillance, we have reviewed our ratings on Nordea Kredit Realkredit Capital Centre 1 Danish mortgage bond program and related issuances. + The program's available credit enhancement and features remain commensurate with the currently assigned ratings. + We are therefore affirming our '###' ratings on the Capital Centre 1 program and related issuances. + The stable outlook on our ratings reflects that there are four unused notches of collateral-based uplift from the reference rating level on the program. LONDON (S&P Global Ratings) Nov. 17, 2016--S&P Global Ratings today affirmed its '###' credit ratings on Danish mortgage credit institution Nordea Kredit Realkredit A/S' Capital Center 1 mortgage bond program and all series of "Realkredit obligationer" (RO) covered bonds issued under it. The outlook on the ROs is stable. We use the long-term issuer credit rating (ICR) on Nordea Bank Danmark A/S (##-/Negative/A-1+) as the starting point for our analysis....

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