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S&P rates Industrial Bank of Korea notes A
Standard & Poor's said it assigned A ratings to Industrial Bank of Korea's ¥10 billion senior unsecured Samurai Bonds due 2009, ¥30 billion senior unsecured Samurai Bonds due 2009 and ¥20 billion senior unsecured Samurai Bonds due 2012
The outlook is stable.
The agency said the bank's A long-term counterparty credit rating reflects its satisfactory market position in the small and midsize enterprise lending market, its good asset quality and improving capitalization backed by stable profit generation in the last few years. The rating also incorporates expected support from the government of South Korea for the bank, given its public policy role.
The ratings on Industrial Bank of Korea also take into consideration the likelihood of a gradual reduction in government ownership and the bank's diminishing role in supporting small and midsize enterprises, S&P said.
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