Moody’s withdrew its ratings of BRE Bank Hipoteczny covered bonds yesterday (Tuesday), after having downgraded the Polish bank’s mortgage and public sector backed issuance on 30 April.

The rating agency cut BRE’s public sector covered bonds from A3 to Baa1 and put them as well as the bank’s mortgage covered bonds, rated Baa2, on review for downgrade after it cut the issuer from Baa3 to Ba1. Moody’s said at that time that in its review it would review the issuer’s commitment to adding sufficient overcollateralisation, which was below the level determined in its expected loss analysis.

Moody’s said yesterday that it was withdrawing the ratings because it has not received adequate information to monitor the rating and the issuer had decided to cease participation in the rating process.