Covered bond

Moody’s Investors Service on Monday confirmed the Caa2 ratings five Greek mortgage-covered bond programs
Moody’s said the issues were formerly on review for downgrade.

Fitch Ratings has placed Piraeus Bank’s mortgage-covered bonds’ B+ rating on Rating Watch Evolving (RWE).

The rating action follows the segregation of new assets that the issuer put into the cover pool last week.

Fitch Ratings has upgraded the mortgage-covered bond programs of four Greek banks.

The banks are National Bank of Greece, Alpha Bank, Eurobank Ergasias and Piraeus Bank to B-/Stable/B with a b- viability rating (VR.

The outlook is stable, reflecting that on the respective banks’ Issuer Default Ratings (IDR).

Fitch Ratings announced on Monday it has affirmed the rating of Bank of Cyprus’s 1-billion-euro outstanding residential mortgage covered bonds at CCC.

This follows the upgrade of BoC’s long-term issuer default rating (IDR) to CC from RD (Restricted Default) as a result of the lifting of capital controls in Cyprus.

Fitch has also upgraded Hellenic Bank to CCC from RD. [Reuters]

Fitch Ratings on Friday announced it has placed National Bank of Greece’s mortgage-covered bonds’ B+ rating on Rating Watch Positive, following the upgrade of Greece’s sovereign long-term rating to B, from B- a week earlier.

Moody’s announced on Friday there is no rating impact on National Bank of Greece’s covered bonds following an amendment to the bond transaction documents.

The amendment will allow bondholders of any series to sell a pro rata share of the cover pool after the issuer has defaulted or following an extension of the relevant series.

Fitch Ratings announced late on Tuesday it has revised the outlooks on four Greek covered bond programs to Positive and another to Stable.

The ratings of the five covered bonds programs have also been affirmed.

At the same time, the agency is maintaining the rating of one Cypriot covered bond program on Rating Watch Negative.

[Reuters]