Fitch: Korea First unaffected

Fitch Ratings said the AAA rating of Korea First Mortgage No. 3 plc is unaffected by the agency's downgrade of Ambac Assurance Corp. The rating on its €550 million secured floating-rate notes due April 2036 at AAA also remains unchanged.

Korea First's rating is supported by both its credit qualities and Ambac's note and swap guarantees, Fitch said. Although Ambac's insurer financial strength rating was downgraded to AAA from AA and placed on Rating Watch negative, the current subordination of Korea First supports the AAA rating of the transaction, the agency said.

However, the agency said it will closely monitor the transaction and may take further action on the notes based on the change in collateral performance and developments in Korea, Fitch said.

© 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.