The Mortgage Society of Finland (Hypo) continues to expand in its small niche focusing on well-collateralized mortgage loans to households and housing companies in the Helsinki metropolitan area. We project that Hypo will maintain high capital ratios offsetting its loan portfolio concentrations, but it remains more dependent on wholesale funding and therefore on preserving appropriate levels of liquidity for stress events than peers. We are affirming our 'BBB/A-2' long- and short-term issuer credit ratings on Hypo. The stable outlook reflects our projection of continued sound economic conditions in Finland and our view that changes to the bank's conservative lending policies and capital management are unlikely over our 12-24 months outlook horizon. On July 25, 2018, S&P Global Ratings affirmed its
