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Fitch assigns KEB Hana bonds AAA
Fitch Ratings said it gave KEB Hana Bank’s inaugural series of proposed €500 million of mortgage covered bonds an expected AAA rating with a stable outlook. The proposed bonds will be issued out of KEB Hana’s covered bond program, established in December
Under this program, KEB Hana can periodically issue up to $5 billion in covered bonds, secured by a dynamic pool of Korean residential mortgage loans.
The rating is based on KEB Hana’s A- long-term issuer default rating, the various uplifts above the IDR granted to the program and the over-collateralization protection provided through the program’s asset percentage, Fitch noted.
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