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FIGCovered Bonds

S&P to change quarter of covered bond ratings

Up to 10% of covered bonds backed by commercial real estate could see ratings drop by up to three notches, as a result of Standard & Poor's proposal for evaluating commercial real estate mortgages, which was released as a request for comment on Thursday. The announcement follows S&P’s new criteria for covered bond ratings, published on Tuesday, which will result in changes to 25% of all covered bond ratings.

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