Moody 's has upgraded Coop Pank 's covered bonds rating to Aa1
Moody 's Investors Service has upgraded the rating of covered bonds issued by Coop Pank AS (Coop Pank) from Aa2 to Aa1.
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.
Read more: https://ratings.moodys.com/ratings-news/441062
In March of this year, Coop Pank issued the first 250 million euros of 4-year covered bonds within the framework of the 750 million euro covered bond program. The covered bonds are listed on the Euronext Dublin stock exchange.
According to Paavo Truu, CFO of Coop Pank, the rating upgrade is a recognition of both Coop Pank and the Estonian financial system and the legal framework regarding covered bonds as a whole.
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 211,000. 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
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