Investors shrug off SNS covered downgrades

GLOBALCAPITAL INTERNATIONAL LIMITED, a company

incorporated in England and Wales (company number 15236213),

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Investors shrug off SNS covered downgrades

Fitch placed the AA+ rated mortgage covered bonds of SNS Bank on Rating Watch Evolving (RWE) on Wednesday, a few days after Moody’s had downgraded them from Aa2 to A1. Despite this, the bonds rallied 40bp, underscoring investors’ belief that their rights are well protected.

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