S&P assigns Kookmin Bank notes A-

Standard & Poor's said it assigned its A- rating to Kookmin Bank's (A-/stable/A-2) proposed senior unsecured notes to be drawn down from its $4 billion global MTN program.

"Kookmin has a leading market position in the Korean domestic banking market. With over 21% of total deposits in the sector, its lower funding costs enable the bank to maintain its net interest margin above 3.8%, surpassing the ratios of its domestic competitors," said S&P credit analyst IkChul Kim.

S&P added that the bank's earnings have steadily improved since recording a net loss in 2003, although volatility remains high by international comparison.

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