PRESS RELEASE: Fitch Downgrades Chelsea Building Society's Covered Bonds to 'A' (Nasd

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Fitch Ratings-London-06 October 2009: Fitch Ratings has today downgraded Chelsea Building Society's (Chelsea, rated 'BBB+'/'F2'/Negative Outlook) mortgage covered bonds' rating to 'A' from 'AAA'. The mortgage covered bonds currently total GBP1bn and were issued under a EUR5bn programme.

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