Fitch rates Kookmin notes A

Fitch Ratings said it assigned an expected rating of A(EXP) to Kookmin Bank's proposed issue of up to $300 million three-year senior notes. The bank has an A issuer default rating and stable outlook.

Proceeds will be used for the bank's general purposes, including rolling over or repaying maturing foreign-currency debt and other obligations.

The agency said Kookmin's viability rating is underpinned by its large domestic retail franchise and strong capitalization.

The rating also reflects Kookmin's contracting margins, adequate loan quality and below-average liquidity and funding profile by international standards, Fitch said, adding that the latter is mitigated by ordinary support from the Korean authorities.

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