Transaction Update: The Mortgage Society of Finland (Mortgage Covered Bond Program) - S&P Global Ratings’ Credit Research

Transaction Update: The Mortgage Society of Finland (Mortgage Covered Bond Program)

Transaction Update: The Mortgage Society of Finland (Mortgage Covered Bond Program) - S&P Global Ratings’ Credit Research
Transaction Update: The Mortgage Society of Finland (Mortgage Covered Bond Program)
Published Jul 17, 2019
13 pages (4416 words) — Published Jul 17, 2019
Price US$ 375.00  |  Buy this Report Now

About This Report

  
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

  
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....

  
Report Type:

Transaction Update Report

Issuer
GICS
Thrifts & Mortgage Finance (40102010)
Sector
Global Issuers, Structured Finance
Country
Region
Europe, Middle East, Africa
Format:
PDF Adobe Acrobat
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Transaction Update: The Mortgage Society of Finland (Mortgage Covered Bond Program)" Jul 17, 2019. Alacra Store. May 10, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Transaction-Update-The-Mortgage-Society-of-Finland-Mortgage-Covered-Bond-Program-2265728>
  
APA:
S&P Global Ratings’ Credit Research. (). Transaction Update: The Mortgage Society of Finland (Mortgage Covered Bond Program) Jul 17, 2019. New York, NY: Alacra Store. Retrieved May 10, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Transaction-Update-The-Mortgage-Society-of-Finland-Mortgage-Covered-Bond-Program-2265728>
  
US$ 375.00
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