Moody's ups Korea First Mortgage floaters

Moody's Investors Service said it upgraded to Aaa from A3 the shadow rating of the €550 million guaranteed secured floating-rate notes issued by Korea First Mortgage No.3 plc.

The agency said that the transaction is a securitization of a pool of residential mortgage loans originated by Standard Chartered First Bank Korea Ltd. (formerly known as Korea First Bank) and was arranged by BNP Paribas, Calyon and Royal Bank of Scotland plc.

Moody's said its rating action has been prompted by the good performance of the underlying mortgage loan pool, including high prepayment rates, which has resulted in an improved subordination level.

The rating of the notes is also Aaa, based on an unconditional and irrevocable note guarantee provided by Aaa-rated Ambac Assurance Corp., the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.