Fitch affirms KB Kookmin Card

Fitch Ratings said it affirmed KB Kookmin Card Co., Ltd.'s long-term issuer default rating at A- with a stable outlook.

The agency also affirmed its support rating at 1 and short-term issuer default rating at F1.

Fitch said the ratings reflect a belief that there is an extremely high likelihood of support flowing from its parent, KB Financial Group Inc., to KB Card, if needed.

The financial group's credit profile is largely underpinned by Kookmin Bank (A/stable/a), its flagship bank subsidiary that constituted 75% of the group's consolidated assets at the end of the first half of 2018, the agency said.

However, the group's creditworthiness is inferior to that of the bank subsidiary mainly because of a high common-equity double leverage and weaker capitalization, Fitch noted.

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