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Moody's assigns 1st-time ratings on Eika Boligkreditt

Moody's on June 2 assigned a first-time issuer rating of Baa1 and long- and short-term counterparty risk assessments of A3(cr)/Prime-1(cr) to Eika Boligkreditt AS, a specialized covered bond issuer owned by an alliance of 72 Norwegian savings banks.

The assigned outlook on the issuer rating is stable. The ratings reflect the predominantly investment-grade credit profiles of the banks that form the alliance, as well as the likelihood that the member banks will support Eika Boligkreditt in case of need.

Moody's noted that, although the individual savings banks operate independently, the alliance provides the covered bond entity with various benefits such as a shared information technology infrastructure and marketing and credit risk monitoring, which serve as incentives for the 72 savings banks to remain members of the Eika alliance and support the covered bond entity.