Fitch rates National Agriculture program F1

Fitch Ratings said it assigned an expected rating of F1 to the National Agricultural Cooperative Federation's planned euro-commercial paper program of up to $2 billion.

The agency said the rating is the same as the bank's short-term foreign-currency issuer default rating and is underpinned by the bank's support rating of 1 - which in turn is based on an extremely high probability of any necessary assistance from the South Korean government given its crucial role in the distribution and security of the country's food supply and its importance to the country's financial system.

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