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Announcement:

Moody's: Norwegian areas with oil price-related unemployment and property pressure won't affect covered bonds

14 Mar 2016

London, 14 March 2016 -- Rated Norwegian covered bonds will be able to withstand the effects of persistently low oil prices on two key Norwegian regions, says Moody's Investors Service.

"Norway's two key oil-dependent regions, Rogaland and Hordaland, have the highest rates of oil-related employment. Persistently low oil prices may reduce employment levels and weigh on the rental cash flows and values of properties that back pools of mortgage assets", observes Valentina di Vito, an Analyst at Moody's.

"That said, Norwegian covered bonds will be able to withstand a moderate deterioration in the pools' credit quality because of the programmes' surplus over-collateralisation. In our opinion, these covered bonds will prove resilient in the event of a weakening of the credit strength of the banks supporting the covered bonds, which may occur if lower oil prices weaken Norway's economy", notes Mrs. di Vito.

Moody's report, entitled "Five Norwegian Covered Bonds Exposed to Oil Price-Sensitive Markets But Show Resilience", is available on www.moodys.com. The rating agency's report does not constitute a rating action.

Link to the report: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_1017028

Of the 17 Norwegian mortgage covered bonds that Moody's rates, five have a material geographical exposure to the two regions in Norway. Therefore, for most Moody's-rated Norwegian mortgage covered bonds, there is a low risk that the quality of cover assets will deteriorate if oil prices remain low and weaken the economies of Rogaland and Hordaland.

However, for the programmes that have such exposures, there is a greater risk of being affected by a weakening of the Rogaland and Hordaland economies. Moody's research shows five covered bonds have exposure to properties in Rogaland and Hordaland that exceeds 20% of their cover pools. These covered bonds are Fana Sparebank Boligkreditt Covered Bond, Sparebanken Vest Boligkreditt AS Covered Bond, and SR-Boligkreditt AS Mortgage Covered Bond, DNB NOR Naeringskreditt Covered Bond and Bustadkreditt Sogn og Fjordane AS Covered Bonds. The five Norwegian covered bonds with material geographical exposure to the Rogaland and Hordaland regions in their cover pools have surplus OC and to be able to withstand a moderate deterioration in the credit quality of their cover pools. At current OC levels, some surplus OC would remain in these five covered bond programmes, even in a sensitivity scenario where the covered bond anchor is lowered by one notch.

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: London +44-20-7772-5456, New York +1-212-553-0376, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Valentina di Vito
Analyst
Structured Finance Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Juan Pablo Soriano
MD - Structured Finance
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's: Norwegian areas with oil price-related unemployment and property pressure won't affect covered bonds
No Related Data.
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