KB Financial Group said on June 24 that it has won an "A1" rating for its corporate credit rating and a rating outlook "stable" from Moody's, an international credit appraiser.
A1 is the highest international credit rating among bank holding companies in South Korea. In response, KB Financial Group explained that its ratings reflect its status and importance as the country's largest financial holding company by asset size, with financial soundness of its major subsidiaries, diversified business portfolios and superior capital power of KB Kookmin Bank being considered.
KB Financial Group acquired international credit ratings to diversify its group-wide funding base and enhance its procurement competitiveness, and in this context, its core affiliate Kookmin Bank also issued $450 million worth of overseas conditional capital securities earlier this year.
"As we need to expand our procurement base to international financial markets that have high investment demand for smooth financing in the future, the acquisition of the rating this time is a preemptive measure to this end," a KB Financial Group official said.
"It is meaningful to strengthen KB Financial Group's international credibility and global competitiveness," he added.
