Moody’s changes ratings approach to Pfandbriefe



Market participants expect Moody’s to revise its rating approach to German Pfandbriefe. In addition the rating agency has indicated that structuring techniques may be applied to covered bonds to enhance ratings.

Tobias Grün, financials analyst at HSBC in London, says that there is a high probability that Moody’s will tweak its Pfandbrief notching practice and raise ratings by one notch.

Currently, Moody’s awards a four-notch upgrade over the issuer’s unsecured rating for public sector

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