The stable outlook on the ratings on KHFC reflects that on the long-term rating on the Korean government. We expect the likelihood of government support to remain over the medium to long term, as the government is likely to maintain its long-term policy of providing a stable supply of housing funds, including its initiative to shift the household mortgage debt to long-term fixed-rate products with amortization, in which KHFC specializes. Under the new administration led by President Park Geun-hye, the Korean government has shown no intention of diminishing KHFC's public role or its link to the government, which would include privatizing KHFC. Nevertheless, if KHFC's public policy role or link to the government were to diminish, the ratings on KHFC
