Issuers act to limit Moody's refi margin cuts to one

All but one of the issuers whose covered bond programmes’ ratings could have been affected by Moody’s new refinancing margins have acted to stave off any downgrades of their programmes. The exception was Marfin Egnatia Bank, whose covered bonds were cut from Aaa to Aa1. The issuer spoke to The Cover about why it chose to sustain the one notch downgrade.