Fitch gives Westpac bond AAA

Fitch Ratings said it assigned Westpac Banking Corp.'s €750 million of series 2022-C8 mortgage covered bond due 2027 an AAA rating.

“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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