What’s in a rating? Covered bonds’ honour at stake
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What’s in a rating? Covered bonds’ honour at stake

Covered bond ratings are going one way — down. Yet regulators continue to develop rules that would force investors to hold more capital against covered bonds rated AA- and below, and it is not yet clear whether covered will be classed as a top level asset for the Liquidity Coverage Ratio. Are regulators out of touch? Will Caiger-Smith reports.

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