Fitch rates Korea Investment BBB

Fitch said it assigned Korea Investment Holdings a long-term foreign-currency issuer default rating of BBB, individual rating of C, support rating of 4 and support floor of B.

The outlook is stable.

The company is the non-operating holding company for Korea Investment & Securities Co., Ltd.

With no exposure to U.S. subprime mortgages, the quality of the company's assets is very good, including those held on its own account - mostly securities issued by major Korean banks, corporates, loans and some government paper/cash, Fitch said.

In addition to being of good-quality and largely liquid, the company's assets are substantial relative to its debt, with an equity-to-assets ratio of 20%, rising to about 40% if monies effectively held in trust for customers are excluded, the agency added.

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