Fitch rates Pusan Bank notes BBB

Fitch Ratings said it assigned an expected rating of BBB to Pusan Bank's planned issuance of lower tier 2 subordinated notes due 2017 (callable in 2012). The rating is contingent upon receipt of final documents.

The rating is based on Pusan's long-term foreign-currency issuer default rating of BBB+. Pusan's other ratings are short-term foreign-currency rating of F2, individual rating of B/C, support rating of 2 and support rating floor of BBB.

The ratings reflect the bank's good profitability and asset quality, its adequate capitalization and strong home-market franchise in Busan, South Korea's second-largest city and major port, Fitch said.

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