Fitch Ratings placed an AAA rating on Shinhan Bank's Series 2024-2 mortgage-covered bonds, according to a Tuesday release.
The bonds' rating is in line with the bank's long-term issuer ratings, with movements in the latter prompting similar actions on the bonds.
The rating benefits from a five-notch uplift above the bank's issuer default rating (IDR) and the overcollateralization protection provided through the program's asset percentage.
However, the program's marked exposure to foreign exchange risk and a lack of protection for the timely payment of the foreign currency bonds under a transfer and convertibility event place a limit on the rating uplift.
The five-year $400 million floating-rate bond due October 2029 benefits from a pre-maturity reserve covering principal payments within the next 12 months, reflecting sufficient liquidity.
The outlook is stable, with Fitch placing a two-notch buffer against a downgrade on the IDR.
Shinhan Bank is a subsidiary of Shinhan Financial Group (KRX:055550).
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