Fitch rates Industrial Bank of Korea notes A+

Fitch Ratings said it assigned Industrial Bank of Korea's proposed dollar-denominated senior unsecured notes an expected A+ rating.

The notes will be issued under the bank's existing $4 billion global medium-term note program.

While the issue size and tenor have yet to be determined, Fitch said it expects them to be about $500 million and five and a half years.

The proceeds will be used for general corporate purposes.

The expected rating is at a par with South Korea's long-term foreign-currency issuer default rating, reflecting solvency guarantee by the Korean government, the agency said.

The Korean government is legally obliged to provide funds to cover any losses incurred by the bank that cannot be covered by its own reserves, Fitch said.

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