DBRS Publishes Updated Rating European Covered Bonds Methodology

DBRS Ratings Limited (DBRS) has today published an updated version of its Rating European Covered Bonds methodology (“EU CB Methodology”). This methodology, effective as of the date of this press release, supersedes the previous methodology dated October 26, 2011.

The EU CB Methodology describes DBRS rating criteria for European covered bonds, whether issued under country-specific CB legislation or outside.

In the methodology, DBRS updated the rating specific market spread values to calculate liquidation values on the cover pool and clarified treatment of cases where the application of Legal and Structuring Framework matrices is not possible or would otherwise result in the same rating as the Issuer Rating.

Accordingly, all European Covered Bonds rated by DBRS will be reviewed and rating actions published as soon as possible.

DBRS criteria and methodologies are publicly available on its website www.dbrs.com under Methodologies.