Moody's rates Citibank Korea notes Aaa

Moody's Investors Service said it assigned a definitive rating of Aaa to the $228 million secured floating-rate notes due 2038 issued by Korea ACE Mortgage Co., which are ultimately backed by residential mortgage loan assets originated by Citibank Korea Inc.

The rating addresses the expected loss posed to investors by the legal final maturity date, the agency said. The structure allows for timely payments of interest and ultimate payment of principal at par on or before the rated final legal maturity date, Moody's said.

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