S&P rates IBK notes

Standard & Poor's said it assigned its BBB rating to the Industrial Bank of Korea's (BBB+/stable/A-2) proposed $200 million lower tier II subordinated notes due 2015.

Majority owned by the Korean government (foreign currency A-/stable/A-2), Industrial Bank of Korea is a key instrument for the government to support the small and midsize enterprise sector. Because of the likelihood of support from the Korean government, any fluctuation in Industrial Bank of Korea's intrinsic financial profile is unlikely to affect its credit ratings as much as it would the ratings on most commercial banks in Korea.

Moody's said the bank's profitability, capitalization, and asset quality are comparable with Korean commercial banks with investment grade ratings.

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