OREANDA-NEWS. Fitch Ratings says credit risk on the cover pools has remained stable for most programmes in the Asia-Pacific region. The exception is ASB Bank Limited (AA-/Stable/F1+) where the cover pool's credit risk deteriorated, following a recent top-up of NZD2bn of residential mortgages in May. The change to the cover pool composition resulted in a decrease of the programme's 'AAA' breakeven AP to 85%. This information is contained in the latest edition of Fitch's 'APAC Covered Bonds Quarterly - 2Q16'.

The report includes commentary on rating actions on programmes and covered bond issuance in the region that occurred during the quarter.

It also outlines the proposed changes in the recently published exposure draft to its covered-bond criteria. Fitch does not expect the proposed changes to the criteria to have a ratings impact for programmes in Asia Pacific.

The 'APAC Covered Bonds Quarterly' includes aggregate information on the 13 programmes publicly rated by Fitch, grouped by each country and the individual statistics of each programme. It also includes links to individual covered-bond programme research and the latest reports relevant to the Asia-Pacific region.