Depfa’s brutal downgrade – a special case?
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Covered Bonds

Depfa’s brutal downgrade – a special case?

Standard and Poor’s brutal six notch downgrade of the Depfa ACS public sector backed covered bonds, from double A to triple B, matches the severity of downgrades that have been seen in several Spanish multi-Cédulas deals. But unlike those deals, this deal was issued by the Irish entity of a German parent bank.

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