Fitch Ratings has given an AAA rating on Bendigo and Adelaide Bank's (ASX:BEN) series 2024-1 and series 2024-2 mortgage-covered bonds, with a stable outlook.
The covered bond rating reflects the bank's long-term issuer default rating, the six-notch uplift above the latter rating granted to the program, and the overcollateralization protection provided through the program's asset percentage, according to a Wednesday release.
The outlook reflects a one-notch buffer against a downgrade of the issuer's rating.
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