Fitch cuts Korea Investment

Fitch Ratings said it downgraded Korea Investment Holdings Co. Ltd.'s long-term foreign-currency issuer default rating to BBB- from BBB and then withdrew the rating.

The outlook is stable.

The agency said it withdrew the rating as it no longer considers the rating to be relevant to the agency's coverage.

The downgrade reflects the company's increased double leverage and the weakening credit profile of its savings banking subsidiary, Korea Investment Savings Bank, according to Fitch.

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