Moody's: Industrial Bank of Korea notes Ba2(hyb)

Moody's Investors Service said it assigned a Ba2(hyb) rating to the proposed dollar-denominated non-cumulative additional tier 1 notes to be issued by Industrial Bank of Korea.

Moody's also said it assigned a provisional Ba2 rating to the AT1 securities component of the $8 billion global medium-term note program of the bank.

Moody's said it previously assigned a provisional Aa2 rating to the senior unsecured component and a prime-1 rating to the short-term component of this program.

The Ba2(hyb) rating assigned to the proposed securities is notched down from the bank's Baa2 adjusted baseline credit assessment, which in turn is at the same level as its Baa2 baseline credit assessment, the agency said.

The rating on the notes is placed three notches below the bank's Baa2 adjusted baseline credit assessment, in line with the framework for rating non-viability contingent capital securities, Moody's said.

The bank is a policy bank that was 51.8% owned by the Korean government as of March 31, 2017, the agency said.

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