S&P assigns Korea Development Bank notes A

Standard & Poor's said it assigned an A rating to Korea Development Bank's shelf registration drawdown of proposed dollar-denominated senior unsecured bonds.

The ratings reflect the extremely high likelihood that the government of Korea would provide timely and sufficient extraordinary support to the bank if needed, S&P said.

The bank is ultimately 100% owned by the Korean government through KDB Financial Group, the holding company, and Korea Finance Corp., a mandated policy-based entity, the agency said.

The rating also reflect the bank's good capitalization and market positions in the large corporate loan and domestic investment banking sectors, but is constrained by its lack of a stable retail customer deposit base and high concentration credit risk.

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