Fitch rates Westpac Banking bonds AAA

Fitch Ratings said it assigned an AAA rating of Westpac Banking Corp.’s series 2015-C2 $1.5 billion mortgage covered bonds.

The outlook is stable.

This brings the bank’s total outstanding issuance to A$24.9 billion. The fixed-rate bond is due in March 2020 and benefits from a 12-month extendable maturity, Fitch said.

The rating is based on the bank’s long-term issuer default rating of AA and an AAA rating after giving credit for recoveries, the agency said.

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