Moody's Investors Services
Global Credit Research
Rating Action
9 DEC 2002


Rating Action: BRFkredit, Capital Centre B Bonds


MOODY'S ASSIGNS Aa1 RATINGS TO BRFKREDIT CAPITAL CENTRE B MORTGAGE BONDS

Second Danish Mortgage Credit Institution to Apply Additional Structuring Techniques To Realkreditobligationer.

London, 09 December 2002 -- Moody's Investors Service has assigned Aa1 ratings to the structured mortgage bonds ("realkreditobligationer") to be issued out of BRFkredit Capital Centre B.

The existing mortgage bonds issued out of the General Capital Centre are assigned a Moody's rating of Aa2. Capital Centre B, however, has been specifically established by BRFkredit A/S ("BRFkredit") to improve on the Aa2 rating by adding certain features designed to limit the potential volatility and event risk inherent in the Danish mortgage bonds.

Moody's approach to rating structured covered bonds in general is a joint effort of the rating agency's Financial Institution Group and its Structured Finance Team: The first step in the process has been the establishment of a fundamental (private) rating for BRFkredit. This aims to encapsulate the credit risk of the issuing institution itself. The second step focuses on the analysis of the legal framework and the structural enhancements. The Mortgage Credit Act governing the Danish mortgage bonds is one of the strictest in Europe. Bankruptcy procedures and asset segregation are very well established in the Danish mortgage bond system.

Structuring features applied to achieve the enhanced rating include, amongst others, restrictions on the creditworthiness of investments, counterparty credit risk and asset mix within the cover pool. These restrictions guard against potential increases in the risk profiles of the mortgage bonds due to changing market circumstances.

To obtain a copy of Moody's forthcoming Special Report regarding the BRFkredit structured mortgage bonds, please contact Moody's London client service desk at +44-(0)20-7772-5454 or visit our website at www.moodys.com.

London
Arjan Verbeek
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service Ltd.
44 20 7772 5454

London
Jodi Van Breda
Analyst
Structured Finance Group
Moody's Investors Service Ltd.
44 20 7772 5454



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