Fitch rates Small Business notes AA-

Fitch Ratings said it assigned an expected rating of AA- to Small Business Corp.'s proposed senior unsecured dollar-denominated notes.

The proceeds will be used for general corporate purposes, including repayment of existing obligations, Fitch said.

The notes issued will be direct, unconditional, unsubordinated and unsecured obligations of the bank, the agency said, and will rank pari passu with the company’s other present and future outstanding unsecured and unsubordinated obligations.

The notes are rated at the same level as the company’s issuer default rating, which are equalized with the ratings of South Korea due to its strong links with the sovereign and high probability of extraordinary government support, if needed, Fitch explained.

The company’s policy is dictated and closely monitored by the government of Korea, the agency said.

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