Fitch assigns Westpac notes AAA

Fitch Ratings said it assigned an AAA rating to Westpac New Zealand Ltd.’s €750 million of series 2023-1 fixed-rate mortgage covered bonds. The notes will be issued through Westpac Securities NZ Ltd.’s London Branch.

“The AAA rating on the mortgage covered bonds is based on WNZL's long-term issuer default rating (IDR) of A+, the various uplifts above the IDR granted to the program and the overcollateralization (OC) protection provided through the program’s asset percentage (AP),” Fitch said in a press release.

The outlook is stable.

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