Fitch gives A- to Kyobo Life securities

Fitch Ratings said it assigned an expected rating of A-(EXP) to Kyobo Life Insurance Co. Ltd.’s (A+/stable) proposed subordinated securities.

The agency simultaneously published Kyobo Life's long-term issuer default rating at A with a stable outlook.

The proposed securities will be Kyobo Life's direct, unsecured and subordinated obligations.

Net proceeds will be used for general corporate purposes.

Fitch said the proposed securities are rated one notch below Kyobo Life's issuer default rating to reflect the assumption of “below-average” recovery prospects in the event of a default, given the level of subordination. The securities rank senior to junior obligations, including preference shares, but rank junior to all other present and future senior and subordinated obligations of the issuer, other than the claims of the holders of other parity obligations.

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