BNP Paribas has terminated its relationship with Moody’s for the rating of its Home Loan SFH and Public Sector SCF covered bond programmes because it considers that ratings from two rating agencies are sufficient.

The decision was taken as part of the bank’s global “Simple & Efficient” programme to improve operating efficiency, the issuer said on Thursday. Its covered bonds are also rated by Fitch and Standard & Poor’s, at triple-A. Moody’s, which was asked to withdraw its ratings of the programmes with immediate effect, has also rated the bonds triple-A.

“Simple & Efficient” is BNP Paribas’ name for a three year Eu1.5bn investment programme designed to improve operating efficiency to achieve cost savings expected to reach Eu2bn a year as of 2015.