국제 신용평가사인 무디스가 지난 7일 국민은행이 발행한 커버드본드에 'Aa2'등급을 부여했다.
15일 무디스는 2014년 만기인 10억 달러 규모의 국민은행 커버드본드에 대해 'Aa2' 등급을 부여했다고 밝혔다.
무디스는 이번 등급 결정에 대해 발행사인 국민은행의 신용등급(A2)과 커버풀(Cover Pool)의 신용도를 반영해 이같은 등급을 부여했다고 배경을 설명했다.
다음은 무디스 발표문 전문이다.
Moody's assigns Aa2 to Kookmin Bank's Covered Bonds
US$ 1 billion of debt securities affected
Hong Kong, May 15, 2009 -- Moody's Investors Service has assigned definitive long-term rating of Aa2 to the Senior Guaranteed Bonds (Covered Bonds) issued by Kookmin Bank ("KB", rated A2/Prime-1/C). The Covered Bonds constitute direct, unconditional and senior obligations of Kookmin Bank and are secured by a pool of assets (the "Cover Pool").
The Cover Pool consists of residential mortgage loans and credit card receivables originated in Korea by KB. As of the cut-off date, the balance of the mortgage loans was KRW 2 trillion and of the credit card receivables was KRW 2.29 trillion.
The rating actions are as follows:
Issuer: Kookmin Bank
USD 1 billion 7.25% Senior Guaranteed Bonds (Covered Bonds) due 2014, rated Aa2
The rating takes into account the following factors:
1. The credit strength of the Issuer (A2/Prime-1/C);
2. The structure created by the transaction documents;
3. The credit quality of the Cover Pool;
4. The cash flow matching mechanism, whereby the cash flow expected from the Cover Pool -- prior to the legal final maturity of the transaction -- matches with the issuance size of the Covered Bonds.
Moody's has assigned a Timely Payment Indicator of "Probable-High" to the Covered Bonds.
The mortgage loans in the initial Cover Pool, after deducting the benefit of mortgage insurance, have a weighted-average current loan-to-value ratio of 51.05%. They are all group loans -- meaning they are granted to buyers of units in certain newly completed property developments -- and the majority of them were originated during 2006 and 2007.
The credit card receivables in the initial Cover Pool are granular with over 1.9 million accounts. The portfolio comprises credit card receivables owed by cardholders for their purchases on credit as well as drawing cash advances.
Kookmin Bank is the largest commercial bank in Korea by total assets and has a dominant retail banking franchise. It provides a wide range of personal lending products, including mortgage loans and credit card business. Currently, it has the largest mortgage loans portfolio in Korea and is the second largest credit card issuer in Korea.
As is the case with other covered bonds, Moody's considers the transaction to be linked to the credit strength of KB, particularly from a default probability perspective. Should KB's credit strength deteriorate, all other things being equal, the rating of the Covered Bonds could be expected to come under pressure.
In case of the occurrence of certain events (e.g. deterioration of KB's rating or the Cover Pool quality), the Issuer would have the ability, but not the obligation, to increase the over-collateralisation in the Cover Pool. Failure to do so under these circumstances could lead to negative rating actions.
The principal methodologies used in rating the transaction were "Moody's Rating Approach to European Covered Bonds" June 2005; "Timely Payment in Covered Bonds following Sponsor Bank Default", March 2008, and "Assessing
Swaps as Hedges in the Covered Bond Market", September 2008. All can be found on www.moodys.com in the Credit Policy & Methodologies directory, within the Ratings Methodologies subdirectory. Other methodologies and
factors that may have been considered in the process of rating this issue can also be found in the Credit Policy & Methodologies directory.
The ratings assigned by Moody's address the expected loss posed to investors. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors.
15일 무디스는 2014년 만기인 10억 달러 규모의 국민은행 커버드본드에 대해 'Aa2' 등급을 부여했다고 밝혔다.
무디스는 이번 등급 결정에 대해 발행사인 국민은행의 신용등급(A2)과 커버풀(Cover Pool)의 신용도를 반영해 이같은 등급을 부여했다고 배경을 설명했다.
다음은 무디스 발표문 전문이다.
Moody's assigns Aa2 to Kookmin Bank's Covered Bonds
US$ 1 billion of debt securities affected
Hong Kong, May 15, 2009 -- Moody's Investors Service has assigned definitive long-term rating of Aa2 to the Senior Guaranteed Bonds (Covered Bonds) issued by Kookmin Bank ("KB", rated A2/Prime-1/C). The Covered Bonds constitute direct, unconditional and senior obligations of Kookmin Bank and are secured by a pool of assets (the "Cover Pool").
The Cover Pool consists of residential mortgage loans and credit card receivables originated in Korea by KB. As of the cut-off date, the balance of the mortgage loans was KRW 2 trillion and of the credit card receivables was KRW 2.29 trillion.
The rating actions are as follows:
Issuer: Kookmin Bank
USD 1 billion 7.25% Senior Guaranteed Bonds (Covered Bonds) due 2014, rated Aa2
The rating takes into account the following factors:
1. The credit strength of the Issuer (A2/Prime-1/C);
2. The structure created by the transaction documents;
3. The credit quality of the Cover Pool;
4. The cash flow matching mechanism, whereby the cash flow expected from the Cover Pool -- prior to the legal final maturity of the transaction -- matches with the issuance size of the Covered Bonds.
Moody's has assigned a Timely Payment Indicator of "Probable-High" to the Covered Bonds.
The mortgage loans in the initial Cover Pool, after deducting the benefit of mortgage insurance, have a weighted-average current loan-to-value ratio of 51.05%. They are all group loans -- meaning they are granted to buyers of units in certain newly completed property developments -- and the majority of them were originated during 2006 and 2007.
The credit card receivables in the initial Cover Pool are granular with over 1.9 million accounts. The portfolio comprises credit card receivables owed by cardholders for their purchases on credit as well as drawing cash advances.
Kookmin Bank is the largest commercial bank in Korea by total assets and has a dominant retail banking franchise. It provides a wide range of personal lending products, including mortgage loans and credit card business. Currently, it has the largest mortgage loans portfolio in Korea and is the second largest credit card issuer in Korea.
As is the case with other covered bonds, Moody's considers the transaction to be linked to the credit strength of KB, particularly from a default probability perspective. Should KB's credit strength deteriorate, all other things being equal, the rating of the Covered Bonds could be expected to come under pressure.
In case of the occurrence of certain events (e.g. deterioration of KB's rating or the Cover Pool quality), the Issuer would have the ability, but not the obligation, to increase the over-collateralisation in the Cover Pool. Failure to do so under these circumstances could lead to negative rating actions.
The principal methodologies used in rating the transaction were "Moody's Rating Approach to European Covered Bonds" June 2005; "Timely Payment in Covered Bonds following Sponsor Bank Default", March 2008, and "Assessing
Swaps as Hedges in the Covered Bond Market", September 2008. All can be found on www.moodys.com in the Credit Policy & Methodologies directory, within the Ratings Methodologies subdirectory. Other methodologies and
factors that may have been considered in the process of rating this issue can also be found in the Credit Policy & Methodologies directory.
The ratings assigned by Moody's address the expected loss posed to investors. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors.
