Fitch rates Korea Development notes AAA

Fitch Ratings said it assigned Korea Development Bank's dual-tranche Mexican peso-denominated senior unsecured debt issuance of up to Ps. 10 billion an AAA(mex) national long-term rating.

“The AAA(mex) issue rating is the highest on Mexico's national ratings correspondence table, reflecting an extremely low default risk relative to other peso-denominated notes in Mexico. The rating is underpinned by KDB's very high creditworthiness incorporated in the long-term issuer default rating (IDR) of AA-, which is materially higher than the Mexico sovereign's long-term local-currency IDR of BBB-,” Fitch said in a press release.

The proceeds will be used to finance or refinance eligible or future green projects, as established in the bank’s sustainable bond framework.

The outlook is stable.

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