S&P assigns Korea Housing bonds AAA

S&P said it gave preliminary AAA ratings to Korea Housing Finance Corp.’s bonds sold under its $15 billion global covered bond program and its series 2022-1 bonds. KHFC is expected to offer €500 million of four-year fixed-rate bonds with a hard bullet principal repayment profile.

“From our analysis of the covered bonds to be issued by KHFC, we have concluded that the assets in the cover pool are appropriately isolated from the risk of KHFC insolvency. This asset isolation allows us to potentially assign a higher rating to the covered bonds than our long-term issuer credit rating (ICR) on KHFC,” S&P said in a press release.

The outlook is stable.

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