Moody’s withdrew the rating of NIBC Bank covered bonds today (Tuesday), a move linked to the Dutch bank’s decision, announced in March, to drop the rating agency for all its credit ratings. Fitch has removed SNS Bank covered bonds from Rating Watch Evolving (RWE).

NIBC mortgage covered bonds are rated AA- by Fitch and were rated A1 by Moody’s.  The issuer is working on a conditional pass-through covered bond programme, off which it is planning to launch a debut issue in September. (See here for previous coverage.)

Fitch yesterday affirmed SNS Bank covered bonds at AA+ and removed them from RWE, after affirming the issuer at BBB+.

It said that the rating actions reflect its belief that “the Dutch state will ultimately look to privatise the group once its restructuring is completed, it has demonstrated a long enough record of operations under its new scope and market conditions permit such a transaction”.

SNS Bank and its parent, insurer SNS Reaal, were nationalised in February following problems in the bank’s property finance portfolio, with the government expropriating the bank’s shares, subordinated debt and some hybrid securities as part of the rescue.