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

DBRS Ratings GmbH (DBRS Morningstar) confirmed its AAA ratings on the Series 3 and Series 4 Pfandbriefe (the German legislative covered bonds) issued under the Sparkasse zu Lübeck AG Mortgage Pfandbrief programme. At the same time, DBRS Morningstar discontinued its rating on Series 1, which was repaid early on 22 September 2022. The rating actions follow DBRS Morningstar’s full review of the programme.