Fitch rates NACF A+, F1

Fitch Ratings said it assigned the National Agricultural Cooperative Federation (NACF) an A+ long-term foreign-currency rating and an F1 short-term rating, and affirmed its support rating at 1.

The outlook is stable.

The company's long-term rating is underpinned by its support rating, which in turn is based on high probability of assistance from the Korean government, Fitch said. The company's financial position also has been taken into consideration, the agency said, with its mild weaknesses in both profitability and balance sheet strength.

Despite weaknesses, the company is highly unlikely to default on its obligations given the support of the Korean government, the agency said. The company maintains Korea's fourth largest bank (Nonghyup Bank with 11% of the Korean banking system's total assets), as well as its fourth largest life insurance provider with a 7% market share, Fitch said.

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