Moody's upgrades Kookmin Bank

Moody's Investors Service said it upgraded Kookmin Bank's long-term foreign-currency senior unsecured and foreign-currency and local-currency deposit ratings to Aa3 from A1.

Moody's also said it upgraded Kookmin Bank's baseline credit assessment and adjusted baseline credit assessment to A3 from Baa1.

The agency also upgraded the foreign-currency long-term rating on the bank's $10 billion certificate of deposit program to provisional Aa3 from provisional A1.

Moody's also assigned a P-1 foreign-currency short-term CD program rating because short-term drawdowns typically has no divergence between the terms and conditions specified in the program documents compared to that of the drawdown.

The upgrades considers the bank's strengthened loan underwriting and resulting stable and benign asset quality, the agency said.

Kookmin Bank also has the strongest capitalization among local banks and Moody's said it expects the bank to maintain sufficient capitalization.

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