Merger of Totens Sparebank with Sparebank 1 Østlandet is credit neutral for TSBBs covered bonds while protection against downgrades increased; rating stability expected until covered bond programme is wound down.

SpareBank 1 Østlandet has acquired all the assets, rights and obligations of Totens Sparebank.

Scope Ratings has updated its rating report on the Obligasjoner med fortrinnsrett (Norwegian mortgage-covered bonds) issued by Totens Sparebank Boligkreditt AS.

The issuer rating of A- combined with governance support and the strength of the cover pool results in the highest achievable ratings for the covered bonds. Soft-bullets and overcollateralisation reduce maturity mismatch risks. Stable Outlook.

Positive Outlook reflects material potential upside to business model following proposed merger with SpareBank 1 Ostlandet

Scope Ratings has updated its rating report on the Obligasjoner med fortrinnsrett (Norwegian mortgage-covered bonds) issued by Totens Sparebank Boligkreditt AS.

The issuer rating of A- with stable outlook combined with governance support and the strength of the cover pool results in the highest achievable ratings for the covered bonds. Soft-bullets and overcollateralisation reduce maturity mismatch risks.

Scope Ratings has updated its analytical report on Totens Sparebank, rated A- with Stable Outlook.

The rating reflects the Norwegian savings bank's strong market position in its local area and stable operating performance, with sound asset quality and capital metrics.

Scope Ratings has updated its analytical report on Totens Sparebank, rated A- with Stable Outlook.