Moody’s: Industrial Bank of Korea CD program Aa2

Moody's Investors Service said it assigned a provisional Aa2 foreign currency long-term rating and a provisional P-1 short-term rating to the $4 billion certificate of deposit (CD) program of Industrial Bank of Korea (IBK).

The bank is effecting the issuance through its Hong Kong Branch and London Branch.

Given that IBK Hong Kong Branch and London Branch are the same legal entity as Industrial Bank of Korea, the agency assigned a rating of provisional Aa2/provisional P-1, in line with the ratings of the Industrial Bank of Korea.

Moody's also assigned long-term counterparty risk assessment Aa2(cr) and short-term counterparty risk assessment P-1(cr) to IBK Hong Kong Branch and IBK London Branch, in line with the Industrial Bank of Korea.

The outlook is stable.

The agency aligned the ratings of the program with the bank's the foreign currency long-term and short-term bank deposit ratings.

Moody’s said the rating alignment reflects two primary considerations: (a) The instruments issued under the program will be direct, unconditional, unsecured, and unsubordinated obligations of Industrial Bank of Korea; and (b) the instruments will rank pari passu with all other direct, unconditional, unsecured and unsubordinated present and future obligations of Industrial Bank of Korea.

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