S&P gives Korea Housing bonds AAA

S&P said it assigned its AAA rating to the €600 million of covered bonds issued by Korea Housing Finance Corp.

The notes are fixed-rate with a three-year maturity and a hard bullet principal repayment profile.

“KHFC has committed to maintain overcollateralization at 6%. This exceeds our requirement for the two notches of collateral-based uplift. The covered bonds to be issued therefore can reach a AAA rating from a credit and cash-flow perspective,” S&P said in a press release.

The outlook is stable.

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