Fitch Ratings assigned "AAA" to Bendigo and Adelaide Bank's (ASX:BEN) series 2024-1 and series 2024-2 mortgage-covered bonds, with a stable outlook, according to a Wednesday statement from the ratings agency.
Series 2024-1 is a AU$500 million floating-rate bond, and series 2024-2 is a AU$250 million fixed-rate bond, both due in November 2029.
Fitch said the covered bond rating is based on the company's long-term issuer default rating (IDR) of "A-," as well as the various uplifts above the IDR granted to the program and the over-collateralization protection via asset percentage.
The stable outlook reflects the one-notch buffer against a downgrade of the issuer's IDR, Fitch added.
Bendigo and Adelaide Bank's shares gained over 1% in recent Thursday trade.
Price (AUD): $13.48, Change: $+0.18, Percent Change: +1.32%
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