Fitch Affirms Helaba’s PS Pfandbriefe at ‚AAA’ on Revised Breakeven Overcollateralisation

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canada goose clearance July 3 (Reuters) (The following statement was released by the rating agency) canada goose clearance

Canada Goose online Fitch Ratings has affirmed Landesbank Hessen Thueringen canada goose outlet buffalo Girozentrale (Helaba Canada Goose Outlet , A+/Stable) public sector (PS) canada goose outlet ontario Pfandbriefe at canada goose outlet online store The canada goose uk affirmation follows the implementation of the agency updated Covered Bonds Rating Criteria and the subsequent revision of the programmes breakeven overcollateralisation (OC) to canada goose jacket uk 2% from 9%. Canada Goose online

canada goose store KEY RATING DRIVERS The rating of the PS Pfandbriefe issued by Helaba is based on the bank Long Term Issuer Default Rating (IDR) of and goose outlet canada an IDR uplift of This results in a floor for the Pfandbriefe rating on a probability of default (PD) basis of The Discontinuity Cap (D Cap) of (low risk) remains unchanged. Fitch takes the lowest OC of the last 12 months into account in its analysis, which is 24.7%. This level of OC supports a rating on a PD basis. canada goose store

Canada Goose Outlet The revision of the breakeven OC level reflects the incorporation of an canada goose outlet in usa IDR uplift of 2 which allows the Pfandbriefe to be affirmed solely on a recovery basis. In a recovery scenario Fitch does not model for timely payment, resulting in lower breakeven OC for a given rating. Accordingly the breakeven OC level has decreased to 2% from 9% previously. canada goose outlet new york This level of OC is sufficient for recoveries of more than 91% should the covered bonds default and canada goose parka outlet allows for two notches of recovery uplift. The legal minimum OC of 2% on a net present value basis currently provides sufficient buffer above the breakeven canada goose outlet niagara falls OC. However, the agency notes that 2% OC is unlikely to be sufficient for maintaining the rating of the Pfandbriefe, should Helaba IDR be downgraded. Canada Goose Outlet

canada goose uk black friday As of April 2014 Helaba PS cover pool comprised 23,000 assets which Fitch allocated canada goose parka uk to 1,200 final guarantors. The biggest guarantor groups are German canada goose outlet edmonton municipalities (68%) and German Sovereign canada goose outlet new york city and Federal States (25%). Fitch recognises a strong credit link between the Pfandbriefe rating and canada goose outlet nyc the rating of the Federal Republic of Germany (FRG, AAA/Stable). The agency excluded the possibility of a default of the FRG in its analysis. For the total pool Fitch calculated a canada goose outlet toronto location loss rate of 5% in a scenario. canada goose uk black friday

uk canada goose outlet The criteria implementation follows the European Parliament and the Council of the European Union approval of the Bank Recovery and Resolution Directive (BRRD) on 15 April 2014 and 6 May 2014, respectively. uk canada goose outlet

Canada Goose Online RATING SENSITIVITIES The rating of Helaba canada goose parka outlet uk PS Pfandbriefe would be vulnerable to downgrade if any of the canada goose outlet store quebec following occurs (i) Helaba IDR is downgraded to or below; (ii) the OC that Fitch considers in its analysis fell below Fitch breakeven OC for the rating (iii) the FRG is downgraded canada goose sale uk to or below. Canada Goose Online

Canada Goose Jackets Since the rating is based on recoveries only https://www.arconserve.ca , changes to the D cap canada goose outlet canada assessment for the programme would have no impact on the covered bond programme rating, assuming all other factors remain unchanged. Canada Goose Jackets

canada goose coats on sale The Fitch breakeven OC for the covered canada goose womens outlet bond rating will be affected, among others, by the profile of the cover assets relative to outstanding covered bonds, which can change over time, even in the absence of new issuances. Therefore it cannot be assumed to remain stable over time canada goose coats on sale.