Moody's: Kookmin Bank unchanged

Moody's Investors Service said the proposed restructuring of the Kookmin Bank covered bonds transaction would not at this time result in a reduction or withdrawal of the rating assigned to the $1 billion 7¼% senior guaranteed bonds due 2014 issued by Kookmin Bank.

The covered bonds constitute direct, unconditional and senior obligations of Kookmin Bank.

In September 2010, the board of directors of KB Financial Group approved a plan to spin off the credit card business of Kookmin Bank into a separate company, which will be a wholly owned subsidiary of the KB Financial Group, the agency said.

As part of the spin off process, the bank will transfer to Kookmin Bank Card all of the credit card receivables, including the credit card receivables it has entrusted in the cover pool, Moody's said.

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