The change in Outlook reflects the ongoing resilience of the group's operating performance and the declining exposure to Hungarian sovereign risk.

Scope Ratings has updated its report on the Hypothekenpfandbriefe (Austrian mortgage-covered bonds) issued by Bank Burgenland.

The rating reflects a combination of cover pool and governance support. Credit risks stemming from the mixed cover pool in combination with interest rate mismatches between assets and liabilitites drive the level of rating-supporting overcollateralisation

The ratings continue to reflect Bank Burgenland's well-established regional franchise for residential and commercial real estate financing and corporate and institutional banking.

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.

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 downgrade reflects the erosion of capital adequacy metrics as well as volatile earnings.

Scope Ratings has updated its issuer rating report on Pareto Bank ASA, rated BBB with Stable Outlook.

Realkredit Danmark's rating and Outlook are aligned with those of its parent, Danske Bank A/S, of which it has the full support.

The periodic review has resulted in no rating action.