Fitch rates Korea Development Bank notes A+

Fitch Ratings said it assigned to Korea Development Bank's proposed senior unsecured dollar-denominated global notes an expected A+ rating.

The notes will be issued under the bank's existing $4 billion shelf program. While the issue size and tenor have yet to be determined, Fitch said it expects them to be a benchmark size and five years or longer.

The expected rating is at a par with Korea's long-term foreign-currency issuer default rating, reflecting the guarantee by the Korean government through a solvency guarantee or the specific guarantee arrangement that will be effected once the government sells its stake in KDB Financial Group, Fitch said.

The bank is one of the key policy banks in South Korea and 100%-owned by the government, the agency said.

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