Fitch rates Industrial Bank of Korea notes A+

Fitch Ratings said it assigned Industrial Bank of Korea's proposed long-term senior notes an expected A+ rating. The notes will be issued under the bank's 8 billion global medium-term note program.

The issue size has yet to be determined and the tenor is expected to be about five years.

Proceeds will be used for general corporate purposes. The expected rating is at the same level as the bank's long-term foreign-currency issuer default rating, which in turn is equalized with South Korea's sovereign rating (A+/positive), reflecting the de facto solvency guarantee by the government.

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