Fitch rates KDB Life notes BB

Fitch Ratings said it assigned an insurer financial strength rating of BBB- to KDB Life Insurance Co., Ltd. (KDB Life) and a long-term issuer default rating of BB+.

The outlook is stable.

Fitch also said it assigned an expected rating of BB to KDB Life's proposed $300 million subordinated securities.

The proposed securities will be KDB Life's direct, unsecured and subordinated obligations, the agency said.

The proceeds will be used for general corporate purposes, Fitch said.

The ratings reflect the company's good business profile and moderately weak capitalization and financial performance, the agency said.

The ratings also consider the ongoing challenges the company faces in improving its capitalization and executing a turnaround in profitability, Fitch said.

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