On 8 November 2023, Scope assigned a first time AAA rating with a Stable Outlook on the Norwegian mortgage covered bond (obligasjoner med fortrinnsrett, ISIN: NO0013056184) issued by the specialised mortgage institution DNB Boligkreditt (DNBB). DNBB is fully owned by DNB Bank ASA.

The covered bond was issued out of DNBB’s existing covered bond programme that is collateralised with a NOK 674bn (as of 30 September 2023) cover pool. The new bond ranks pari-passu with other outstanding covered bonds issued out of the programme.

Governance support is the primary rating driver, providing the covered bond with six notches of uplift above the issuer rating, of which only two are needed to raise the covered bond rating to the highest achievable level. The cover pool provides additional rating stability.

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. Information about the latest credit rating action connected with this monitoring note along with the associated rating history can be found on www.scoperatings.com.

Download the analysis.