Chelsea covered cut to single-A, but no-one hurt
Fitch today (Tuesday) downgraded Chelsea Building Society’s mortgage-backed covered bonds from AAA to A because the issuer has not fulfilled requirements to establish a third party bank account and contingent interest swap counterparty following its short term issuer downgrade, as set out in the programme documentation. Meanwhile, Norwich & Peterborough Building Society has completed a restructuring of its covered bond programme.
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