Fitch Ratings assigned Thursday Westpac Banking's (ASX:WBC, NZE:WBC) 1.5 billion euros of series 2025-C1 mortgage-covered bonds an "AAA" rating with a stable outlook.

The covered bond rating is based on the bank's long-term issuer default rating, the various uplifts above the rating granted to the program, and the over-collateralization protection provided through the program's asset percentage, the credit ratings agency said.

This issuance brings the bank's total outstanding covered bonds to the equivalent of AU$31.5 billion.

The fixed-rate bonds are due in May 2030 with a 12-month extendable maturity.

Westpac Banking's shares rose nearly 1% in Australia in recent Thursday trade.