Fitch: No Rating Impact from NORD/LB CFB Covered Bonds Transfer
The transfer of the covered bond programme follows a legal and organisational restructuring of the Luxembourg entities owned by Norddeutsche Landesbank Girozentrale (NORD/LB; see Fitch's Rating Action Commentary 'Fitch Rates NORD/LB Luxembourg Covered Bond Bank; Withdraws NORD/LB COVERED FINANCE BANK' on www.fitchratings.com).
The covered bonds rating is based on NORD/LB CBB's IDR of 'A', an unchanged IDR uplift of 1, an unchanged Discontinuity Cap of 3 (moderate high risk) and the overcollateralisation that Fitch takes into account, which provides more protection than the 15% 'AAA' breakeven overcollateralisation.
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