S&P assigns Industrial Bank of Korea

Standard & Poor's said it assigned its A-1 rating to Industrial Bank of Korea's (A/stable/A-1) proposed $1 billion U.S. commercial paper program.

The agency said that the long-term counterparty credit rating on Industrial Bank of Korea 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 Korea (Foreign: A/stable/A-1, Local: A+/stable/A-1) for the bank, given its public policy role, S&P noted, adding that 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 SMEs.

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