The bonds of Slovenská sporiteľňa were assigned the Aaa rating, the best possible rating, by the Moody’s rating agency. It is historically the first Aaa rating achieved by a Slovak issuer of securities.

The highest rating is based on the amended Act on Banks with regard to covered bonds which is valid from the beginning of the year. The Ministry of Finance of the Slovak Republic, the National Bank of Slovakia and the Slovak Banking Association all participated in preparing the amendments for this Act and these had a significant impact on the improved rating. These amendments are based on standards valid in the European Union.

“We consider the rating an important step towards the first Aaa issue of covered bonds. We are hopeful that the achieved conditions will have a positive future impact on interest rates valid for loans secured by real estate. The assignment of rating and preparation of cover pool required an intensive preparation process,” said Richard Košecký, Head of Balance Sheet Management Division.

Total amount of new cover pool is almost EUR 3.2 billion for issued covered bonds amounting to EUR 1.1 billion and it consists of 80 thousand loans secured by real estate exclusively in the Slovak Republic. The change also applies to existing mortgage bonds of Slovenská sporiteľňa.