S&P assigns AAA to Kookmin bonds

S&P said it assigned its AAA rating to the series 2023-1 covered bonds issued by Kookmin Bank under its $7 Billion global covered bond program.

The series 2023-1 covered bonds are €500 million, fixed-rate, 3.5-year maturity bonds with bullet principal repayments plus a one-year extendable maturity feature, during which the interest payments will become a floating rate.

S&P concurrently affirmed the AAA ratings on Kookmin’s covered bond program and its outstanding covered bonds series 2020-1, series 2021-1, and series 2022-1.

The outlook is stable.

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