After three years of exclusively positive rating actions on covered bonds, there is some downside risk for rating changes in 2026. However, the sector’s fundamentals are strong, with 80% of Fitch rated covered bonds being ‘AAA’. >> https://www.fitchratings.com/research/structured-finance/covered-bonds/more-balanced-global-covered-bonds-rating-trajectory-expected-for-2026-29-01-2026