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).
Price (KRW): ₩56300.00, Change: ₩+300, Percent Change: +0.54%
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。