Moody’s withdrew its issuer and covered bond ratings of Denmark’s BRFkredit yesterday (Tuesday) after the bank asked the rating agency to do so on 10 October.

The rating agency withdrew the ratings on covered bonds issued out of Capital Centre B (A1), Capital Centre E (A1), and General Capital Centre (Aa3), as well as the Baa3 issuer rating. Moody’s said it had ceased to rate BRFkredit “for its own business reasons”.

The last rating action by Moody’s on BRFkredit’s covered bonds was when it downgraded the mortgage covered bonds in Capital Centre B and E and confirmed the rating of the covered bonds in the General Capital Centre. It downgraded the issuer rating on 1 July from Baa1 to Baa3 with a negative outlook.

Prior to the most recent downgrade of its covered bonds, BRFkredit had asked Moody’s to discontinue rating the issuer and its covered bonds.

Standard & Poor’s has assigned a preliminary triple-A rating to covered bonds issued out of the two capital centres that were downgraded by Moody’s.