The Swedish Covered Bond Corporation (SCBC) has dropped Standard & Poor’s from rating its covered bonds, it announced on Friday, with the rating agency affirming and then withdrawing its AAA rating.

SCBC noted that its covered bonds will continue to be rated by Moody’s, which assigns them a Aaa rating. SCBC parent SBAB will at the same time retain S&P alongside Moody’s; it is rated A/A2 by the rating agencies.

S&P on Friday affirmed the AAA rating, with stable outlook, of SBAB’s covered bonds following a review, it said, and then withdrew the rating citing a request from the issuer.