Banco BPM Covered Bonds (OBG - Mortgages - Popolare Programme 1): Surveillance Report

DBRS Ratings GmbH (DBRS Morningstar) confirmed its A (high) ratings on the Obbligazioni Bancarie Garantite (OBG; the Italian legislative covered bonds) issued under the Banco BPM Covered Bonds Programme 1 (Banco BPM OBG1 or the Programme). The rating action follows the completion of a full review of the Programme.