Two HRE covered bond classes hit with downgrade

October 15, 2008 12:00 am

Moody’s yesterday (Tuesday) lowered Depfa ACS Bank’s public sector asset covered securities from Aaa to Aa1, and also cut HRE Bank International’s mortgage Pfandbriefe from Aa2 to Aa3. In addition, both ratings remain on review for further downgrade. The actions follow Moody’s recent downgrades of several HRE entities’ senior unsecured debt ratings. Read EuroWeek on Friday for a reaction to these rating actions.

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