Moody’s Ratings has upgraded the rating of the covered bonds issued by Coop Pank AS (Coop Pank), raising it from the previous level of Aa1 to the highest possible level Aaa.
When upgrading the rating, the international rating agency Moody’s has analyzed Coop Pank’s covered bond issue, taking into account, among other things, the credit quality of the mortgage loans used as collateral, the issuer’s activities and the Estonian legal framework, as well as market risks and the economic environment.
According to Coop Pank’s CFO Paavo Truu, it is notable that Coop Pank has achieved the maximum possible Aaa rating with its covered bonds. The upgrade of the covered bond rating follows the recent upgrade of the Coop Pank’s credit rating.
Within its €750 million covered bond programme, Coop Pank has issued its first two series of covered bonds totalling €450 million. The covered bonds are listed on the Euronext Dublin exchange.
Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking reached 234,500. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti, comprising of 320 stores.
Additional information:
Paavo Truu
CFO
Phone: 5160 231
E-mail: paavo.truu@cooppank.ee
