Aktia REMB's covered bonds Moody's rating Aa2

Moody's Investors Service has 13 May 2014 upgraded to Aa2 from Aa3 the covered bonds issued by Aktia Real Estate Mortgage Bank PLC (the issuer) under both the old Finnish covered bond law (Aktia Real Estate Mortgage Bank Euro Medium Term Covered Note Programme) and the new Finnish covered bond law (Aktia Real Estate Mortgage Bank Covered Bond Programme).
The rating agency has adjusted its reference point, the covered bond anchor (CB anchor), for determining the probability that the issuer will cease making payments under its covered bond programmes following the update to the issuer's ratio of 'bail-in-able' debt to total liabilities (the debt ratio). Following publication of the issuer's 2013 year-end annual accounts and data made available after publication of the 2013 accounts, Moody's considers that the debt ratio is between 5%-10% and that the CB anchor is one notch above the issuer's private monitored rating.