S&P reviews Eu1.46tr of covered bonds with criteria that please few
Standard & Poor’s on Wednesday released a long-awaited revision to its criteria for assessing asset-liability mismatch risks for its covered bond ratings, but although the rating agency made welcome changes to its original proposals, many market participants — not just issuers, but also investors — were disappointed by the final result.
S&P released its initial proposals in February and at that point said that 60% of covered bond programmes could be downgraded as a result of its planned changes.
This week S&P placed 98 covered bond programmes on CreditWatch. The majority of these (95) were placed on CreditWatch negative, two
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