Moody’s ups UniCredit Bank Czech bonds

Moody’s Investors Service said it upgraded to Aa2 from Aa3 the ratings assigned to the mortgage covered bonds issued by UniCredit Bank Czech Republic and Slovakia, as. These covered bonds continue to be subject to the “old” Czech legal framework, which means they do not benefit from the recent update of the covered bond law.

“Today’s rating action follows the improvement of the credit quality of UniCredit Bank Czech Republic and Slovakia, a.s., which does not carry a public rating. As a result of the improvement, the covered bond (CB) anchor for the mortgage covered bonds is now higher,” said Moody’s in a press release.

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