Fitch Ratings has assigned
The final rating is in line with the expected rating that Fitch assigned to the notes on
Key Rating Drivers
Fitch rates the notes at the same level as
For further details on
https://www.fitchratings.com/site/pr/10208083
Rating Sensitivities
Factors that could, individually or collectively, lead to negative rating action/downgrade:
The rating on the notes will be downgraded if
Factors that could, individually or collectively, lead to positive rating action/upgrade:
The rating on the notes will be upgraded if
Best/Worst Case Rating Scenario
International scale credit ratings of Financial Institutions and Covered Bond issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from '
Date of Relevant Committee
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
Public Ratings with Credit Linkage to other ratings
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg.
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