All these programmes have Aaa today but due to this the rating will be more stable. TPI stands for Timely Payment Indicator and is an indicator of how likely a covered bond is to receive timely payments following issuer default. Because of some revaluations from Moody’s and because of the strong performance of the issuers the TPI has been raised to “Probable-high” from “Probable”. The TPI is has a six level scale and the Swedish covered bonds are now on the third best level. Other things that the rating institute points out are the strong liquidity and spread performance of the Swedish covered bond market throughout the financial crisis. The fact that the Swedish law has been changed in favor of the investors is also a part of this change.