Credit Rating Report

Sparkasse zu Lübeck AG Covered Bonds (Pfandbriefe - Mortgages): Surveillance Report

Covered Bonds

Summary

DBRS Ratings GmbH (DBRS Morningstar) confirmed its AAA rating on the Series 1 Pfandbriefe (the German legislative covered bonds) issued under the Sparkasse zu Lübeck AG (SKL or the Issuer) Mortgage Pfandbrief programme (SKL CB or the Programme). The confirmation follows the completion of a full review of the Programme.

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