The ratings on Korea Housing Finance Corp. (KHFC: foreign currency A/Stable/A-1; local currency A+/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/Stable/A-1; local currency rating A+/Stable/A-1) in the event of financial distress. 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 its exposure to interest rate risk. We assess the stand-alone credit profile on the company to be in the 'bbb' category. In accordance with Standard&
