The Mortgage Society of Finland Covered Bonds Outlook Revised To Negative; 'AAA' Ratings Affirmed

On May 19, 2020, we revised the outlook on The Mortgage Society of Finland ("Suomen Hypoteekkiyhdistys", or Hypo) to negative from stable on deepening COVID-19 downside risks, the latter resulting in a revision of the economic risk trend for Finland's Banking Industry Country Risk (BICRA) to negative, and affirmed our 'BBB/A-2' long- and short-term credit ratings. The ratings on the covered bonds have no unused notches of ratings uplift. This means that if we were to lower our long-term issuer credit rating on Hypo by one notch, we would lower our ratings on the covered bonds, all else being equal. We are therefore revising the outlook on Hypo's covered bond program and related issuances to negative from stable. At the

...- On May 19, 2020, we revised the outlook on The Mortgage Society of Finland ("Suomen Hypoteekkiyhdistys", or Hypo) to negative from stable on deepening COVID-19 downside risks, the latter resulting in a revision of the economic risk trend for Finland's Banking Industry Country Risk (BICRA) to negative, and affirmed our '###/A-2' long- and short-term credit ratings. - The ratings on the covered bonds have no unused notches of ratings uplift. This means that if we were to lower our long-term issuer credit rating on Hypo by one notch, we would lower our ratings on the covered bonds, all else being equal. - We are therefore revising the outlook on Hypo's covered bond program and related issuances to negative from stable. - At the same time, we have affirmed our '###' ratings on the covered bond program and related issuances. MADRID (S&P Global Ratings) June 3, 2020--S&P Global Ratings today revised its outlook on The Mortgage Society of Finland ("Suomen Hypoteekkiyhdistys", or Hypo) covered...

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