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Fitch rates Westpac bond AAA
Fitch Ratings said it rated Westpac Banking Corp.’s mortgage covered bond series 2022-C2 for €1.25 billion AAA. The fixed-rated bonds are due in April 2027 and benefit from a 12-month extendable maturity.
“The AAA rating on the mortgage covered bonds is based on WBC's long-term issuer default rating (IDR) of A+, the various uplifts above the IDR granted to the program and the overcollateralization protection provided through the program’s asset percentage (AP),” Fitch said in a press release.
The outlook is stable.
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