Fitch affirms Kookmin Bank

Fitch Ratings said it affirmed Kookmin Bank's foreign-currency long-term issuer default rating at A and viability rating at A.

The outlook is stable.

The ratings reflect its solid domestic franchise backed by its strong capitalization, Fitch said.

They also take into account its weakened loan quality following aggressive loan growth leading up to the global credit crisis, the agency said, and its reliance on wholesale funding.

The stable outlook reflects a view that the bank's net profit and credit costs have bottomed out in 2010 and that the bank has sufficient margins, loan-loss reserves and capital to absorb a reasonable level of credit costs and stress, Fitch said.

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