Hypo Alpe-Adria-Bank public Pfandbriefe cut a notch

Moody’s downgraded unguaranteed public sector-backed covered bonds issued by Austria’s Hypo Alpe-Adria-Bank from Aa1 to Aa2 yesterday (Tuesday) after cutting the issuer rating earlier in the day. The rating agency also cut Vorarlberger Landes- und Hypothekenbank’s issuer rating.