Fitch rates Kookmin bonds AAA

Fitch Ratings said it assigned Kookmin Bank's series 2023-1 mortgage covered bonds an AAA rating.

Series 2023-1 is a 3.5-year €500 million bond with a 4% fixed rate due in April 2027 that benefits from a 12-month extension period.

The agency affirmed Kookmin’s ratings, including its AAA senior secured rating, on April 6.

“The bond was issued under Korea's covered bond legislation, the Korean Covered Bond Act. The covered bondholders benefit from dual recourse against the cover assets and an unsecured and unsubordinated recourse against Kookmin,” Fitch said.

The outlook is stable.

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