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

HONG KONG (S&P Global Ratings) Jan. 11, 2021--S&P Global Ratings today assigned its preliminary 'AAA' rating to the KEB Hana Bank US$5 Billion Global Covered Bond Program and its preliminary 'AAA' rating to the Series 1 covered bonds to be issued under it. The outlook is stable. We assume the Series 1 covered bonds under the program will be a €500 million, fixed-rate, five-year maturity bond 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 to be issued

...HONG KONG (S&P Global Ratings) Jan. 11, 2021--S&P Global Ratings today assigned its preliminary '###' rating to the KEB Hana Bank US$5 Billion Global Covered Bond Program and its preliminary '###' rating to the Series 1 covered bonds to be issued under it. The outlook is stable. We assume the Series 1 covered bonds under the program will be a 500 million, fixed-rate, five-year maturity bond 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 to be 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 potentially assign a higher rating to the covered bonds than our long-term...

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