The majority of the covered bonds and mortgage bonds issued by BRFkredit are rated by Moody's Investors Service. BRFkredit does not have ratings from Standard & Poors.
Ratings from Moody's Investors Service
This page provides insight in the ratings, the rating methodology and access to relevant documents
Covered bonds (SDOs) used for current issuance are rated Aa1. These bonds are issued from BRFkredit's Capital Centre E, are designated "E" and have a three-digit label like "4% BRFkredit 321.E 2010" (in this example the three-digit label is "321.E").
Mortgage bonds issued from BRFkredit's Capital Centre B are rated Aa3, they are designated "B" and have a three-digit label like "4% BRFkredit 321.B.RTL 2010" (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 rated Aa3.
The remaining mortgage bonds from BRFkredit are not rated.
Moody's has released different papers on their rating methodology.
This is the most recent description. BRFkredit covered bonds (SDOs) issued from Capital Centre E are rated according to this methodology
These reports describe previous approaches used by Moody's in relation to covered bond rating.
Moody's released a note on their view on Danish mortgage bonds in May 2002
Visit Moody's home page:
Danish SDOs ("særligt dækkede obligationer", i.e. covered bonds) and Danish SDROs ("særligt dækkede realkreditobligationer", i.e. covered mortgage bonds) are covered bonds. Other types of covered bonds include German Pfandbriefe and Spanish Cedulas.
Danish mortgage bonds (ROs) issued prior to 31 December 2007 are also categorized as covered bonds. BRFkredit mortgage bonds issued prior to 2008 were closed for further issuance by the end of 2007 to secure them the status of covered bonds under the grand-father clause of the Danish covered bond legislation.
A covered bond is a full recourse debt instrument that is secured by a cover pool of assets, normally mortgages and/or public sector claims, supported by local law defining the security interest and the assets eligible.
BRFkredit has a Baa1 issuer rating from Moody's Investors Service.
The most recent reports from Moody's Investors Service:
The following announcements were released in conjunction with the completion of Moody's review of the rating of BRFkredit's bond:
The following announcements were released in conjunction with changed issuer rating:
The following announcements were released in conjunction with the Aa1 rating assigned to Capital Centre E:
The following announcements were released in conjunction with the Aa1 rating assigned to Capital Centre B:
The following announcements and report were released in conjunction with the Aa2 rating:
If you have problems opening the reports on Moody's web site we can send the report to you by e-mail. Send the name of the report to us by e-mail to investor@brf.dk.
