Greek TPIs cut on sovereign woe, covered bonds hit

Moody’s has downgraded Marfin Egnatia Bank’s covered bonds and placed the rating of those issued by National Bank of Greece on review for possible downgrade because of a cut in Greece’s sovereign rating from A1 to A2. These were the only negative rating actions on covered bonds since The Cover’s last bulletin on 18 December to the best of our knowledge; we will catch up on other covered bond rating developments and related issuer rating actions tomorrow (Tuesday).