Fitch affirms NongHyup Bank

Fitch Ratings said it affirmed NongHyup Bank’s long-term issuer default rating at A- with a stable outlook.

The agency also affirmed the bank’s viability rating at bbb.

Fitch said the ratings reflect a view that there is an extremely high likelihood that South Korea (AA-/stable) would provide support to the bank, if required.

“The view reflects the bank’s systemic importance in South Korea, where it held 12% and 13% of the system’s loans and deposits, respectively, at end-2017,” the agency said in a news release.

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