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| Abstract: | The cover pool comprises loans with low loan-to-value (LTV) ratios. The program benefits from one unused notch of uplift. The program benefits from a public commitment to maintain a level of overcollateralization that is consistent with the rating. Furthermore, liquidity risk is mitigated by the soft-bullet repayment profile of the bonds. The cover pool's relatively low weighted-average seasoning compared with other Finnish covered bond issuers we rate. About 66% of the pool comprises housing associations, which we view as a higher risk to the program's creditworthiness than residential mortgages. The stable outlook reflects the fact that the ratings on the covered bonds benefit from one unused notch of collateral-based uplift under our covered bonds criteria (see "Covered Bonds Criteria," published |
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| Brief Excerpt: | ...+ The cover pool comprises loans with low loan-to-value (LTV) ratios. + The program benefits from one unused notch of uplift. + The program benefits from a public commitment to maintain a level of overcollateralization that is consistent with the rating. Furthermore, liquidity risk is mitigated by the soft-bullet repayment profile of the bonds.... |
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| Report Type: | Transaction Update Report |
| Issuer | |
| GICS | Thrifts & Mortgage Finance (40102010) |
| Sector | Global Issuers, Structured Finance |
| Country | |
| Region | Europe, Middle East, Africa |
| Format: | | PDF |  |
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