Chelsea Building Society In Talks With BOE On SLS
2009年4月21日 - 2:31AM
Dow Jones News
Chelsea Building Society is in talks with the Bank of England
regarding its use of the Special Liquidity Scheme, or SLS, a
spokeswoman said Monday.
The talks follow Moody's Investors Service downgrade of Chelsea
Building Society's covered bonds to Aa3 from Aaa.
The spokeswoman said the talks were part of its continuous
discussions with the BOE, with which it regularly discusses its
funding and liquidity position.
Covered bonds are highly rated bonds that are serviced with the
payments made on a pool of credit assets, such as residential
mortgages or public-sector loans, which comply with a minimum legal
standard and remain on the lender's balance sheet.
Several U.K. building societies set up covered bond programs
last year, after the BOE said it would swap them for U.K. treasury
bills at the SLS.
However, the covered bonds must be rated triple-A for use at the
scheme.
Moody's originally rated Chelsea Building Society's covered
bonds Aaa in October last year, but downgraded them last week,
after the building society itself was downgraded.
Chelsea Building Society is one of several U.K. building
societies that has had its bank financial strength ratings cut by
Moody's last week. The agency has put its Aaa ratings on covered
bonds issued by seven other U.K. building societies on review for
downgrade as a result of the cuts to the issuers' ratings.
The spokeswoman said Chelsea Building Society was still in
dialog with Moody's in order to better understand the rationale
behind the downgrade.
-By Mark Brown, Dow Jones Newswires; +44 (0)207 842 9485,
mark.brown@dowjones.com
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