Moody's rates Kookmin Bank notes Baa1(hyb)

Moody's Investors Service said it assigned a provisional Baa1 tier 2 subordinated bond program rating to Kookmin Bank's $8 billion global medium-term note program.

The agency also said it assigned a Baa1(hyb) rating to Kookmin Bank's proposed dollar-denominated tier 2 sustainability subordinated bond issue from the program.

The rating is positioned one notch lower than the bank's A3 adjusted baseline credit assessment, Moody's said.

The sustainability subordinated bond will finance loans falling under green or social eligible categories identified in Kookmin Bank's sustainable financing framework developed in September 2018, the agency said.

The ratings consider the bank's strengthened loan underwriting and resulting stable and benign asset quality, Moody's said.

The bank is expected to maintain sufficient capitalization, the agency added.

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