The ratings on Korea Housing Finance Corp. (KHFC: foreign currency A/Stable/A-1; local currency A+/Stable/A-1) reflect an almost certain likelihood of support from the government of Korea (foreign currency rating A/Stable/A-1; local currency rating A+/Stable/A-1). KHFC's stand-alone credit characteristics include its strong market position in RMBS and long-term fixed-rate mortgage loan markets, and relatively strong asset quality. On the other hand, they also include its relatively low profitability, high business concentration due to legal restrictions, and relatively high interest rate risk. The ratings on KHFC are equalized with the ratings on the government of Korea, reflecting Standard&Poor's opinion that there is an almost certain likelihood that the Korean government would provide timely and sufficient extraordinary support to KHFC in
