Fitch affirms Industrial Bank of Korea

Fitch Ratings said it affirmed Industrial Bank of Korea's long-term foreign-currency issuer default rating at A+, short-term foreign-currency issuer default rating at F1 and senior unsecured debt at A+.

The outlook is stable.

The ratings reflect expectations of an extremely high probability of government support for the bank, Fitch said.

The ratings are equalized with South Korea's sovereign ratings, the agency said.

The Korean government is legally obliged to cover the bank's losses should its capital reserve funds fail to cover them, Moody's said.

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