Italian Bank's Credit Upgrade Just Boosted 65,000 Mortgages - Here's What It Means
Key Points
- UBI's credit rating upgrade from AA (low) to AA (high) signa...
Morningstar DBRS just handed Unione di Banche Italiane (UBI) a credit rating upgrade that would make any Italian grandmother proud - their covered bonds jumped from AA (low) to AA (high). For those keeping score at home, that's like getting promoted from "pretty good pizza" to "almost perfect pizza" in the financial world.
The upgrade covers over 65,000 residential mortgages, mostly concentrated in Lombardy and Lazio - regions where housing markets are as stable as a well-aged Parmigiano-Reggiano. What makes this particularly tasty for investors is that 94.6% of these mortgages carry fixed ra...
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