LDGPSLocal Area Differential Global Positioning System
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The Fitch breakeven OC for the LdGPs rating will be affected, amongst others, by the profile of the cover assets relative to outstanding covered bonds, which can change over time, even in the absence of new issuance.
The asset disposal loss component increased to 4.4% (2.6% previously), reflecting slightly higher refinancing costs and a resulting higher amount of forced asset sales to ensure timely payment on outstanding LdGP.
The additional flexibility provided by callable LdGP to manage mismatches was taken into account when modelling the cash flows.