Fitch upgrades Kookmin Bank

Fitch Ratings said in a corrected rating that it upgraded Kookmin Bank's long-term foreign-currency issuer default rating and the long-term rating on its senior unsecured notes to A+ from A, the long-term rating on its subordinated issues to A from A- and its individual rating to B from B/C. The agency also affirmed the bank's support rating at 1, and the support rating floor remains unchanged at A.

The outlook remains stable.

The bank's upgrade reflects its position as Korea's leading bank in terms of size and consumer/small and medium enterprise franchise, resulting in excellent profitability, good asset quality and a strong level of capitalization, Fitch said.

The bank also enjoys a reasonable amount of fee income, which has grown strongly over recent years due to the bank's focus on wealth management products, the agency added.

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