trending Market Intelligence /marketintelligence/en/news-insights/trending/BoQ99dHvkdlL1dVefaD7wQ2 content esgSubNav
Log in to other products


Looking for more?

Contact Us
In This List

Fitch affirms Citibank Korea's ratings


Latin American and Caribbean Market Considerations Blog Series: Focus on LGD


Banking Essentials Newsletter: June Edition

Case Study

กรณีศึกษา A Bank Takes its Project Finance Assessments to a New Level


Financial Institutions Factor Transition Risk into Climate-Related Stress Testing

Fitch affirms Citibank Korea's ratings

Fitch Ratings affirmed Citibank Korea Inc.'s long-term issuer default rating atA-, with a stable outlook.

The rating agency also affirmed the bank's short-term issuerdefault rating at "F1", viability rating at bbb+, and support ratingat 1.

The affirmation reflects an extremely high probability thatthe bank will receive support from its parent, , if needed. Fitchsaid its view is based on the bank's strategically important role withinCitigroup Inc.'sinternational banking operation and its integrated risk management.

The bank's viability rating reflects the South Korean bank'sstrong capitalization and strong ordinary support from Citigroup. It alsoreflects the bank's declining local franchise and relatively weakprofitability, as well as loan quality that is worse than the industry average,the rating agency said.

The rating agency may downgrade Citibank Korea's viabilityrating if the lender's shrinking franchise and high cost base lead to a furtherweakening in its business model. An upgrade of the bank's viability rating isunlikely in the near future.