The rating reflects strong support from the cover pool. Credit risks stemming from the mixed cover pool in combination with asset-liability mismatches drive the level of rating-supporting OC. High stakeholder cohesiveness increases the rating floor.

The ratings reflect the bank's well-established regional franchise for residential and commercial real estate financing and corporate and institutional banking.

Realkredit Danmark's ratings and Outlooks are aligned with those of its parent, Danske Bank A/S, into which it is fully integrated.

The issuer rating of A+ combined with governance support results in the highest achievable ratings for the covered bonds. The cover pool provides additional rating stability.

The change in Outlook reflects the more difficult operating environment, the higher refinancing costs and their impact on profitability, and the tighter capital and liquidity positions.

Issuer rating of BBB reflects the Norwegian bank's focused real estate and corporate financing business and sound financial profile

Scope Ratings has updated its analytical report on CDP, rated BBB+ with a Stable Outlook.

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

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

The rating continues to reflect the Norwegian savings bank's strong market position in its local area, solid earnings and sound prudential metrics while the reliance on market funding is a risk.