Compagnie de Financement Foncier’s AAA covered bond rating reflects the bank’s A+ issuer rating and a governance-based uplift of up to six notches. The sound credit quality of the cover assets, low scheduled asset-liability mismatches, low to moderate sensitivity to interest rate movements, and available overcollateralisation well above the rating-supporting level provide additional rating stability.

Provided that the covered bond programme’s risk structure does not change materially, the current covered bond ratings supported by the cover pool can withstand up to a five-notch downgrade of the issuer – also supporting the Stable Outlook on the covered bonds.

This monitoring note does not constitute a credit rating action, nor does it indicate the likelihood that Scope will conduct a credit rating action in the short term. On 2 November 2022, Scope affirmed the covered bonds at AAA/Stable. Click here for the corresponding press release.

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