Fitch rates Industrial Bank of Korea notes A+

Fitch Ratings said it assigned an expected A+ rating to Industrial Bank of Korea's planned issue of senior unsecured notes. The outlook is stable.

The agency noted that while the bank's borrowings are not explicitly guaranteed by the government, the Korean government is obliged to maintain the bank's solvency. Fitch said it believes that in addition to providing solvency support, the government will ensure that the bank is able to meet its obligations in a timely manner because of Industrial Bank of Korea's considerable size, its role in supporting small- to medium-sized enterprises in Korea and the government's majority ownership of the bank.

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