Almost certain likelihood of support from the Korean government Good market position in residential mortgage backed securities (RMBS) and long-term fixed-rate mortgage loan markets Relatively sound asset quality Relatively high business concentration Exposure to interest rate risk Weak earnings profile, consistent with its business model and policy role The ratings on Korea Housing Finance Corp. (KHFC: foreign currency A+/Positive/A-1; local currency AA-/Stable/A-1+) reflect Standard&Poor's Ratings Services' opinion that there is an "almost certain" likelihood of timely and sufficient extraordinary support from the government of Korea (foreign currency rating A+/Positive/A-1; local currency rating AA-/Stable/A-1+) in the event of financial distress. KHFC's stand-alone credit characteristics include its good market position in residential mortgage backed securities (RMBS) and long-term fixed-rate mortgage
