Fitch Affirms BayernLB's Mortgage Pfandbriefe at 'AAA'; Withdraws Rating
Fitch has chosen to withdraw the rating on BLB's mortgage Pfandbriefe due to commercial reasons. Fitch will no longer provide rating or analytical coverage of this covered bond programme.
KEY RATING DRIVERS
The rating is based on BayernLB's Long-Term Issuer Default Rating (IDR) of 'A-', an unchanged Discontinuity Cap (D-Cap) of 4 notches (moderate risk), an IDR uplift of 2 notches and the 34.7% over-collateralisation (OC) that Fitch relies upon. The Stable Outlook mirrors that on the bank's Long-Term IDR.