Rating Action: Moody’s upgrades Alpha Bank Romania S.A. – Mortgage Covered BondsGlobal Credit Research – 08 Apr 2021Madrid, April 08, 2021 — Moody´s Investors Service (“Moody´s”) has today upgraded to A3 from Baa2 the rating of the covered bonds issued by Alpha Bank Romania S.A. (ABR or the issuer) (deposits Ba2 stable, adjusted baseline credit assessment b1, counterparty risk (CR) assessment Ba1(cr)) under its Mortgage Covered Bond Programme.RATINGS RATIONALEToday´s rating upgrade follows Moody´s decision to model the benefit of a senior unsecured claim that covered bondholders would have against the issuer should the cover pool be insufficient to repay covered bonds following issuer default. Based on further analysis of the legal framework and discussions with key market stakeholders, we have concluded that bondholders’ unsecured claim

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