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Moody’s cuts NORD/LB pfandbriefe
Moody's Investors Service said it downgraded the aircraft pfandbriefe issued by Norddeutsche Landesbank GZ (NORD/LB; counterparty risk assessment Baa2(cr)) to A3 from A2 and placed them on review for further downgrade.
This concludes the review of the aircraft pfandbriefe initiated on April 19.
The mortgage and public-sector pfandbriefe issued by NORD/LB and its subsidiary Deutsche Hypothekenbank AG (counterparty risk assessment Baa2(cr)) remain on review for downgrade.
The downgrade follows the June 30 downgrade of the issuer's counterparty risk assessment, with the expected loss analysis restricting the pfandbriefe rating to one notch above the CB anchor, Moody’s explained.
The ratings assigned to the mortgage and public-sector pfandbriefe issued by NORD/LB and Deutsche Hypo remain on review for downgrade.
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