KEB Hana Bank US$5 Billion Global Covered Bond Program Assigned 'AAA' Rating; Outlook Stable

HONG KONG (S&P Global Ratings) Jan. 26, 2021--S&P Global Ratings today assigned its 'AAA' rating to KEB Hana Bank's US$5 billion global covered bond program and the Series 1 covered bonds issued under the program. The outlook is stable. The Series 1 covered bonds under the program are €500 million, fixed-rate, five-year maturity bonds with bullet principal repayments plus a one-year maturity extension feature. Our covered bond rating process follows the methodology and assumptions outlined in our "Covered Bonds Criteria," published on Dec. 9, 2014, and " Covered Bond Ratings Framework: Methodology And Assumptions," published on June 30, 2015. From our analysis of the covered bonds issued by KEB Hana Bank, we have concluded that the assets in the cover

...HONG KONG (S&P Global Ratings) Jan. 26, 2021--S&P Global Ratings today assigned its '###' rating to KEB Hana Bank's US$5 billion global covered bond program and the Series 1 covered bonds issued under the program. The outlook is stable. The Series 1 covered bonds under the program are 500 million, fixed-rate, five-year maturity bonds with bullet principal repayments plus a one-year maturity extension feature. Our covered bond rating process follows the methodology and assumptions outlined in our "Covered Bonds Criteria," published on Dec. 9, 2014, and " Covered Bond Ratings Framework: Methodology And Assumptions," published on June 30, 2015. From our analysis of the covered bonds issued by KEB Hana Bank, we have concluded that the assets in the cover pool are appropriately isolated from the risk of KEB Hana Bank's insolvency. This asset isolation allows us to assign a higher rating to the covered bonds than our long-term issuer credit rating (ICR) on KEB Hana Bank (A+/Stable/A-1). In accordance...

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