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Related Issuers
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DEPFA Deutsche Pfandbriefbank AG - Deutsche Pfandbriefbank AG - Public-Sector Covered Bonds (12/01/1986 - 06/15/1993)
DEPFA Deutsche Pfandbriefbank AG - Deutsche Pfandbriefbank AG - Public-Sector Covered Bonds (12/19/96 - 03/24/2004)
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Hamburg Commercial Bank AG - HSH Nordbank Hypo AG - Public-Sector Covered Bonds
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Hamburg Commercial Bank AG - Ship Covered Bonds
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Norddeutsche Landesbank GZ - Mortgage Covered Bonds
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Norddeutsche Landesbank GZ - Public-Sector Covered Bonds
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UniCredit Bank AG - Mortgage Covered Bonds (02/16/1995 - 10/09/1998)
UniCredit Bank AG - Mortgage Covered Bonds (08/07/2002 - 11/11/2005)
UniCredit Bank AG - Mortgage Covered Bonds (10/19/1998 - 08/02/2002)
UniCredit Bank AG - Mortgage Covered Bonds (12/06/2005 - 09/16/2010)
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Westfaelische Hypothekenbank AG - Deutsche Pfandbriefbank AG - Mortgage Covered Bonds
Westfaelische Hypothekenbank AG - Deutsche Pfandbriefbank AG - Public-Sector Covered Bonds
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Announcement:

Moody's updates on non-EEA assets in German and Austrian covered bond transactions

13 Apr 2010

Full value given to Swiss assets included in cover pools

London, 13 April 2010 -- Moody's Investors Service said today that it has completed its review of whether covered bondholders will benefit from Swiss assets in cover pools in Austrian and German covered bond transactions following the insolvency of a covered bond issuer (the Issuer). The review started on 29 June 2009 and focussed on whether, following the default of an Issuer, unsecured creditors might be able to access Swiss assets to satisfy their claims against the Issuer, thus depriving covered bondholders of the economic benefit provided by these assets. Moody's has concluded that, despite certain issues identified below, it will continue to give full value to Swiss assets contained in the cover pools of Austrian and German covered bond transactions.

This decision forms part of Moody's overall legal analysis relating to cover pool assets from outside the European Economic Area (EEA). Moody's understands that in an insolvency scenario of a covered bond issuer, covered bondholders may not fully benefit from the priority right over these non-EEA assets. This is because the Issuer's unsecured creditors may be able to access such assets to satisfy their claims against the Issuer, thus depriving covered bondholders of the economic benefit provided by the assets in question.

For Austrian covered bond transactions, this concludes Moody's analysis of non-EEA assets as Swiss assets are the only such assets eligible under the Austrian covered bond legislation. There are no rating actions as a result of the review. However, the review is ongoing for assets in a number of German cover pools, which include assets from other non-EEA countries, namely Canada, Japan and the US. Moody's notes that under the German Covered Bond Act (Pfandbrief Act), a maximum of 10% of covered bonds issued may be backed by non-EEA assets as long as the privilege of the covered bondholder is not ensured.

US AND JAPANESE ASSETS IN GERMAN COVER POOLS

On 29 June 2009, Moody's said that based on discussions with relevant market participants, it understood that a number of covered bond issuers expect to provide legal comfort by way of legal opinions and/or the creation of structural solutions to mitigate legal risks associated with non-EEA assets. For highly rated issuers where such mitigants are expected to be implemented, Moody's continues to incorporate the full value of non-EEA assets in its analysis. Moody's understands that a number of German issuers are continuing to work on the implementation of structural solutions for cover assets located in Japan and the US, and expects to update the market on the progress of these solutions before the end of 2010.

However, Moody's understands that no German issuer is working on a legal solution for any other non-EEA assets. Therefore, Moody's is not giving any economic value to non-EEA assets outside of Switzerland, the US and Japan in any cover pool.

Moody's notes that, based on this approach, it does not expect any covered bond rating to change following this updated assessment.

SWISS ASSETS IN GERMAN AND AUSTRIAN COVER POOLS

Regarding Swiss assets, Moody's understands that following issuer default there are two potential issues for covered bond investors. Firstly, payments may be delayed due to secondary insolvency proceedings, and secondly, some of these claims are expected to be successful and rank in priority to covered bond investors.

Payment delays following issuer default could arise due to a Swiss court opening secondary insolvency proceedings over the Swiss assets of the issuer. Since Switzerland has not implemented directive 2001/24/EC on cross-border insolvency of credit institutions, secondary insolvency proceedings may be opened if the Issuer has assets located in Switzerland. This could result in the cover pool administrator's access to these cover pool assets being restricted for the duration of the Swiss secondary insolvency proceedings. Moody's understands that the secondary insolvency proceedings may take up to one year to be concluded. However, due to either the small amount of assets concerned, or comparatively high levels of over-collateralisation, Moody's believes the current Timely Payment Indicator (TPI) for all rated transactions is appropriate. Moody's measures the likelihood of timely payments after issuer default by the TPI. Going forward, Moody's will take the proportion of Swiss assets into account in relation to all cover pool assets when determining the TPI for a transaction. The higher the proportion of Swiss assets in the cover pool, the higher the potential negative impact on the TPI.

Over and above potential timing delays, certain claims within the remit of the Swiss secondary insolvency proceedings will rank prior to covered bondholders. This has an impact on Moody's expected loss analysis. However, Moody's believes that for the transactions with a Moody's rating at this point in time, such credit losses will be limited. Only a clearly defined group of the Issuer's Swiss creditors will have access to the cover pool assets ahead of covered bondholders. These include the Issuer's Swiss employees (in particular salary claims for the six months prior to the insolvency of the Issuer, certain employment-related claims and premiums for pension, health, unemployment and accident insurance) and other small creditors with a claim of less than CHF5,000 against the Issuer. The vast majority of Austrian and German covered bond issuers that include Swiss assets in their cover pools have limited operations in Switzerland and thus claims from secondary insolvency proceedings are expected to be limited.

Moody's monitors covered bond transactions using the rating methodology for EMEA Covered Bond transactions as described in the Rating Methodology reports "Moody's Rating Approach to European Covered Bonds", published in March 2010, and "Assessing Swaps as Hedges in the Covered Bond Market", published in September 2008. All are available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may be considered in the process of rating such transactions can also be found in the Rating Methodologies sub-directory on Moody's website. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies in "Structured Finance Quick Check" at www.moodys.com/SFQuickCheck

Covered bond ratings assigned by Moody's addresses the expected loss posed to investors. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors.

* * * * *

NOTE TO JOURNALISTS ONLY: For more information please contact EMEA Press Information in London +44-20-7772-5456; New York Press Information +1-212-553-0376; Juan Pablo Soriano in Madrid +34-91-310-1454; Alex Cataldo in Milan +39-02-914-81-100; Eric de Bodard in Paris +33-1-5330-1020; Detlef Scholz in Frankfurt +49-69-707-30-700; Mardig Haladjian in Limassol +357-25-586-586; Alex Sazhin in Moscow +7-495-228-60-60; Petr Vins in Prague +4202 2422 2929; Tokyo Press Information +813-5408-4110; Hilary Parkes in Toronto +1-416-214-1635; Hong Kong Press Information +852-2916-1150; Hector Lim in Sydney +612 9270 8102; Luiz Tess in São Paulo +5511-3043-7300; Alberto Jones Tamayo in Mexico City +5255-1253-5700; Daniel Rúas in Buenos Aires +54 11-4816-2332 ext. 105; Leon Claassen in Johannesburg +27-11-217-5470; Jehad el-Nakla in Dubai +971 4 401 9536; or visit our web site at www.moodys.com

Madrid
Juan Pablo Soriano
Managing Director
Structured Finance Group
Moody's Investors Service Espana, S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Volker Gulde
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's updates on non-EEA assets in German and Austrian covered bond transactions
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​
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