Fitch rates Korea Development Bank notes A+

Fitch Ratings said it assigned an expected rating of A+ to Korea Development Bank's planned senior unsecured floating-rate notes. The issue size has yet to be confirmed, but is expected to be about $1 billion.

The rating on the issue is in line with the bank's A+ issuer default rating and will be made final upon receipt of conclusive documents conforming to information already received.

The bank's rating in line with that of the Republic of Korea and reflects the bank's quasi-sovereign status, Fitch said. The Korean government is obliged under law to maintain the bank's solvency and is, in Fitch's view, strongly committed to ensuring that the bank is able to meet its obligations in a timely manner.

Also, the agency said the government's support for the bank has been clearly demonstrated by repeated injections of public funds since the 1998 Asian crisis.

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