Moody's assigned first-time ratings to South Korea-based KB Kookmin Card Co. Ltd.
The rating agency said June 4 that it assigned the company an A2 foreign and local currency issuer ratings, with a stable outlook. The ratings incorporate the company's "ba1" stand-alone assessment.
The assessment reflects KB Kookmin Card's solid capitalization and good profitability, which are offset by a rising risk of asset quality deterioration and weak funding and liquidity. It also reflects a very high likelihood of support from ultimate parent KB Financial Group Inc. and the South Korean government in times of stress.
KB Kookmin Card is a unit of KB Kookmin Bank.