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Fitch rates KDB bonds A
Fitch Ratings said it assigned Korea Development Bank's (KDB) ¥30 billion samurai bond issue a rating of A upon the completion of the issue on Thursday.
The rating on the issue is in line with the bank's senior unsecured rating. KDB's long-term A rating is the same as the Republic of Korea, reflecting the bank's quasi-sovereign status. The Korean government 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.
The ¥30 billon five-year samurai bond is ranked senior unsecured, pays an annual coupon of 0.87%, which is equivalent to a spread of 30 basis points over the prevailing yen swap rate.
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