Moody’s rates Kookmin Bank notes Baa3(hyb)

Moody's Investors Service said it assigned a Baa3(hyb) rating to the proposed $500 million non-cumulative additional tier 1 notes to be issued by Kookmin Bank.

Moody’s said Kookmin Bank's AT1 rating of Baa3(hyb) has two main drivers.

First, the anchor for the rating is the standalone creditworthiness of Kookmin Bank, plus any rating uplift for affiliate support, if applicable, the agency said.

Second, the Baa3(hyb) rating of the AT1 securities is positioned three notches below Kookmin Bank's a3 baseline credit assessment, in line with Moody's framework for rating AT1 non-cumulative preferred notes.

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