Fitch: Busan Bank notes BBB+

Fitch Ratings said it assigned an expected rating of BBB+ to Busan Bank's proposed dollar-denominated senior unsecured notes.

The size and maturity of the notes have yet to be determined.

The notes will be issued under the bank's existing $2 billion global medium-term note program.

The proceeds will be used for the bank's general purposes, including rolling over or repaying maturing foreign-currency debt and other obligations.

The expected rating is the same as the bank's long-term foreign-currency issuer default rating, which is driven by its viability rating of BBB+.

The ratings reflect the bank's solid profitability, moderate asset quality and strong capitalization, supported by a solid local franchise in Busan and its vicinity, Fitch said.

But, its capitalization may come under pressure from ambitious credit growth, the agency said.

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