Scope has today withdrawn the AAA/Stable ratings on the Norwegian covered bonds issued by Totens Sparebank Boligkreditt AS for business reasons.

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.