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Fitch rates KDB bonds A
Fitch Ratings said it assigned Korea Development Bank's ¥65 billion samurai bond a rating of A.
The long-term A rating of KDB is in line with that of the Republic of Korea, reflecting the bank's quasi-sovereign status. The government of Korea is obliged under the KDB Act 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.
Fitch said that such strong support from the Korean government was evident in April 2004 as authorities injected KRW1 trillion of new capital into the bank in the form of KRW700 billion of Kepco shares and KRW300 billion of shares in Korea Water Resource Corp. Accordingly, KDB's CAR is estimated to have improved to 18% at end-April 2004 from 16.22% in December 2003.
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