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SOUTH KOREA: MOODY'S ASSIGNS BA1 TO KOREA FIRST BANK'S USD200MN SUBORDINATED NOTES DUE 2013.
IPR Strategic Business Information Database, September, 2003
Moody's Investors Service assigned a Ba1 rating to Korea First Bank's USD200 million Lower Tier II Subordinated Debt due 2013. The rating is underpinned by the subordinated status of the notes and the bank's moderate capability to service its debt obligations, given its relatively healthy financial fundamentals as reflected in its D bank financial strength rating.
The outlook for the rating is stable. Note that this rating is subject to the receipt of final documentation, the terms and conditions of which have not changed in any material way from the draft documents we reviewed. The subordinated notes represent unsecured, subordinated obligations of the bank and qualify as Tier II capital. The notes also contain a step up interest rate feature in 2008 if...
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