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Fitch cuts Kookmin Bank
Fitch Ratings said it downgraded Kookmin Bank's long-term foreign-currency issuer default rating to A from A+.
The outlook is stable.
The downgrade reflects its weakened credit profile, particularly in profitability and its less than impressive strategy execution in recent years, Fitch said.
The bank has aggressively executed its strategies and initiatives since 2006, some of which have been costly, Fitch said.
Forming a financial holding company resulted in substantial treasury shares, thus aggravating liquidity, profitability and capitalization, the agency said.
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