Banca Nazionale del Lavoro S.p.A. Covered Bonds (OBG - Mortgages): Surveillance Report

DBRS Ratings GmbH (DBRS Morningstar) confirmed its AA (low) ratings on the Obbligazioni Bancarie Garantite (OBG; the Italian legislative covered bonds) issued under the Banca Nazionale del Lavoro S.p.A. Covered Bonds Programme. This rating action follows the completion of a full review of the Programme.