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Rating Action:

MOODY'S UPGRADES TO Aaa FROM Aa1 THE RATINGS OF THE MORTGAGE BONDS ISSUED BY NORDEA KREDIT REALKREDITAKTIESELSKAB (DENMARK)

01 Aug 2003

Approximately €9 Billion of Debt is Affected.

London, 01 August 2003 -- Moody's Investors Service upgraded to Aaa from Aa1 the rating of the mortgage bonds issued by Nordea Kredit Realkreditaktieselskab (Denmark). The rating agency said that this upgrade reflects, on the one hand, continuing benefits for the institution of growing integration with its parent bank, Nordea Bank Danmark A/S (rated Aa3/Prime/B by Moody's), and, on the other hand, the solid development of the Danish mortgage institution's franchise in recent years.

Moody's said that Nordea Kredit's ratings are underpinned by its full ownership by, support from and business integration within Nordea Bank Danmark, the Danish arm of the Nordea group. Nordea Kredit specializes in housing mortgage finance. Its products are distributed through its parent's branches, a competitive advantage compared to some of the older mortgage credit institutions operating in Denmark which lack an extensive retail network entirely dedicated to their business. Nordea Kredit also benefits from a partnership agreement with the real estate agent network Danbolig. In consequence, the institution has been gaining market share in recent years and now commands a share of new mortgage loans to the household sector in excess of 20% -- in line with the market share of its bank parent in household lending in Denmark. Moody's said it viewed Nordea Kredit's retail customer franchise as sound, stable and defensible.

In addition to the franchise benefits derived by Nordea Kredit from being part of the Nordea group, the rating agency pointed to the possibility for that credit institution of outsourcing part of its administration to its parent, which is reflected in its cost-income ratio of 27% at end-2002. Finally, Moody's also noted that part of Nordea Kredit's loan book benefits from a first loss guarantee extended by its parent. In addition to its good asset quality and bearing in mind that economic conditions have been benign overall, this guarantee mechanism helps further reduce the level of residual credit risk for Nordea Kredit. As such, the amount of loan losses registered by Nordea Kredit since its creation in 1993 has been statistically insignificant.

At this rating level, the mortgage bonds of Nordea Kredit continue to reflect the very tight credit and market risk mitigants of the Danish Mortgage Credit Act, as expressed in Moody's three-notch uplift for these secured obligations relative to unsecured obligations of a given issuer. According to Moody's analysis, the protections provided to holders of Danish mortgage bonds by the collateral and structure of these debt instruments as full recourse obligations secured by a specific portfolio of mortgage loans include the following: (1) the "Balance Principle" which ensures comparatively very strict matching of cashflows due to mortgage bondholders with those cashflows receivable from the underlying mortgage assets as well as limits currency and interest rate mismatches, and the loan-to-value of each mortgage; (2) the presence of over-collateralization, which remains available to bondholders after insolvency; and (3) the solid track record of the Danish mortgage bond market -- the second largest in Europe after Germany -- and the strong legal and supervisory framework which underpins it.

The following rating was upgraded:

• Nordea Kredit Realkreditaktieselskab -- Danish mortgage bond rating to Aaa from Aa1.

Headquartered in Copenhagen, Denmark, Nordea Kredit Realkreditaktieselskab is the mortgage credit subsidiary of Nordea Bank Danmark A/S. At year end 2002, the institution posted total assets of DKK140 billion (approximately EUR19 billion and USD20 billion).

London
Samuel S. Theodore
Managing Director
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454

London
Alexandra A. Sleator
Senior Vice President
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454

MOODY'S UPGRADES TO Aaa FROM Aa1 THE RATINGS OF THE MORTGAGE BONDS ISSUED BY NORDEA KREDIT REALKREDITAKTIESELSKAB (DENMARK)
No Related Data.
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