OREANDA-NEWS. Fitch Ratings-Frankfurt/London-24 June 2016: Fitch Ratings has affirmed Berlin Hyp AG's (Berlin Hyp, A+/Stable/F1+) outstanding EUR3.1bn public sector Pfandbriefe at 'AA+'. The Outlook is Stable.

The rating is based on Berlin Hyp's Long-Term Issuer Default Rating (IDR) of 'A+' and an unchanged IDR uplift of '2'. This results in a floor rating of the Pfandbriefe on a probability of default (PD) basis of 'AA', irrespective of the over-collateralisation (OC) available to the covered bonds. The programme's Discontinuity-Cap (D-Cap) remains unchanged at 4 (moderate).