Fitch assigns KDB NY Branch notes AA-

Fitch Ratings said it assigned Korea Development Bank, New York Branch's $50 million of three-year senior unsecured notes an AA- rating.

“The rating on the long-term notes is aligned with the New York branch's long-term issuer default rating (IDR) as the notes constitute direct, unsecured, and unsubordinated obligations of the branch. The branch's IDRs are equalized with those of the head office Korea Development Bank (AA-/stable) because they are the same legal entity, and because the U.S. Country Ceiling of AAA does not prevent the equalization,” Fitch said in a press release.

The outlook is stable.

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