Fitch: No Rating Impact from NORD/LB CFB Covered Bonds Transfer

FRANKFURT & LONDON--(BUSINESS WIRE)-- There is no rating impact on NORD/LB COVERED FINANCE BANK S.A.'s (NORD/LB CFB) covered bonds from their transfer to NORD/LB Luxembourg S.A. Covered Bond Bank (NORD/LB CBB) and the withdrawal of NORD/LB CFB`s Long- and Short-term Issuer Default Ratings (IDRs), Fitch Ratings says. Issuer risk remains unchanged, as Fitch Ratings assigned the same IDRs to NORD/LB CBB ('A-'/'F1') as it did to NORD/LB CFB.

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.

Additional information is available on www.fitchratings.com

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150602006743/en/

Fitch Ratings
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Media Relations:
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Source: Fitch Ratings

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