Rating

The majority of the covered bonds and mortgage bonds issued by BRFkredit are rated by Standard & Poor's. 13 October BRFKredit was assigned an Issuer rating of A- by Standard & Poor's and 17 October 2011 bond issued by the Capital Centres E and B were assigned an AAA rating. BRFkredit's General Capital Center has not yet been assigned a rating from Standard & Poor's but a AA- rating is expected to be assigned shortly.

Ratings from Standard & Poor's

Covered bonds (SDOs):
- issued from Capital Centre E	AAA
Mortgage bonds (ROs):
- issued from Capital Centre B - issued from General Capital Centre	AAA n/a
Issuer (Long-term rating)	A-
Issuer (Short-term rating)	A-2
Backed rating to BRFkredit's guaranteed notes*	Aaa/AAA

*Rated by both Moody's and Standard & Poor's


See the rating documents from Standards & Poor's:

	BRFkredit Issuer rating
	BRFkredit Capital Center E
	BRFkredit Capital Center B

Covered bonds (SDOs) issued from Capital Center E are rated AAA. These bonds are issued from BRFkredit's Capital Centre E, are designated "E" and have a three-digit label like "4% BRFkredit 321.E 2013" (in this example the three-digit label is "321.E").

Mortgage bonds issued from BRFkredit's Capital Centre B are rated AAA, they are designated "B" and have a three-digit label like "4% BRFkredit 321.B.RTL 2013" (in this example the three-digit label is "321.B").

Mortgage bonds used from the General Capital Centre of BRFkredit are those with a three-digit label that are not designated "B", "C" or "E". These bonds are expected to be rated AA-.

The remaining mortgage bonds from BRFkredit are not rated.

	Ratings for the individual bond can be downloaded from the in menu "Bond Info"