COVID-19: The Impact on European Covered Bonds

Covered Bonds


We currently rate 29 covered bond programmes across Europe including 10 in Italy, nine in Spain, six in Portugal, two in Germany, and one in France and Greece. In our view, the factor that most likely would affect covered bond ratings in the short- to medium-term would stem from a potential deterioration in the issuer's credit quality. Read more in the commentary below.