DBRS downgrades Intesa Sanpaolo bonds

DBRS said it downgraded its ratings on the obbligazioni bancarie garantite (Italian legislative covered bonds) issued under the Intesa Sanpaolo SpA’s €55 billion covered bond program guaranteed by ISP OBG Srl to A from A (high).

“The downgrade follows DBRS Morningstar’s annual review and was prompted by a sharp increase in interest rates, which pushed the overcollateralization (OC) level required to grant one notch of uplift on the covered bonds attachment point (CBAP) above the OC to which DBRS Morningstar gives credit,” the agency said in a press release.

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