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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World S&P: Korea Development Bank proposed USD snr bonds rated A Reuters - Wednesday, March 2 Send IM Story Print March 2, 2011--Standard & Poor's Ratings Services today assigned its 'A' rating to Korea Development Bank's (KDB; foreign currency A/Negative/A-1; local currency --/--/A-1) shelf registration drawdown of proposed U.S. dollar-denominated senior unsecured bonds. The rating is subject to final documentation on the bonds. The ratings on KDB reflect Standard & Poor's opinion that there is an extremely high likelihood that the government of Korea (foreign currency A/Stable/A-1; local currency A+/Stable/A-1) would provide timely and sufficient extraordinary support to KDB in the event of financial distress. In accordance with our criteria for government-related entities, our rating approach is based on our view of KDB's critical role for, and very strong link with, the Korean government. Although a privatization plan has been developed for KDB, it is ultimately 100% owned by the Korean government through KDB Financial Group , the holding company of KDB, and Korea Finance Corp. . On Oct. 28, 2009, KoFC, a mandated policy-based entity that took over KDB's policy role, was established through a spin-off from KDB. We believe that KDB will closely collaborate with and provide significant support to KoFC's policy banking function for the foreseeable future, based on KDB's larger size and policy banking know-how to ensure a smooth policy role transfer until KoFC can sufficiently conduct its policy role. In addition, the ratings on KDB are based on the bank's stand-alone credit profile, which Standard & Poor's assesses to be in the 'BBB' category. The stand-alone credit profile reflects KDB's good capitalization and market positions in the large corporate loan and domestic investment banking sectors, but is constrained by its lack of a stable retail customer deposit base and high concentration credit risk. The ratings are also supported by the government's legal obligation to offset the bank's deficit that arises if the bank's legal reserve is insufficient to cover its annual net losses, as long as the government is the controlling shareholder. However, Standard & Poor's views this only as a sign of the government's commitment to support KDB, rather than a direct guarantee of timely payment of the bank's obligations. The outlook on KDB's long-term counterparty credit rating is negative, reflecting the risk of a decrease in the likelihood of government support once privatization proceeds. The ratings on the bank could come under downward pressure if KoFC runs its policy role independently, thereby reducing KDB's critical policy role, or if the government's ownership of KDB meaningfully changes, indicating possible significant changes in KDB's linkage with or its importance to the government. On the other hand, the outlook could be revised to stable if the government abolishes the privatization plan. This, however, is unlikely. The preliminary prospectus of the proposed bonds contains terms and conditions that include an event of default condition, which would occur if the government ceases to control KDB or fails to provide financial support under article 44 of the KDB Act ; that could translate into liquidity risk. However, the following government measures are likely to mitigate this risk. According to the KDB Act, the government is to guarantee the repayment of KDB's foreign currency debt outstanding with maturity at issue of one year or more at the first selling date of government-owned KDB FG's shares to the extent approved by the Korea National Assembly; and the government may guarantee the repayment of foreign currency debt newly incurred by KDB with government approval for the purpose of roll-over, while the government still holds a controlling share (referring to holdings in excess of 50% of the total number of KDB FG's outstanding voting stocks). 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