DBRS: Banca Nazionale del Lavoro bonds AA (low)

DBRS said it assigned an AA (low) rating to the series 16 obbligazioni bancarie garantite (OBG) issued under the Banca Nazionale del Lavoro SpA covered bonds program.

Concurrently, DBRS discontinued its rating on series 10, which was repaid July 28.

Including the newly issued series, there were six series of OBG under the program totaling an outstanding nominal amount of €10.4 billion. Vela OBG Srl guarantees the series.

All covered bonds issued under the program rank pari passu with each other and are currently rated AA (low), DBRS said.

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