Fitch downgrades Small Business

Fitch Ratings said it downgraded the long-term local-currency issuer default rating of Small Business Corp. to AA- from AA following a downgrade of the long-term local-currency issuer default rating on Korea.

The outlook is stable.

The company’s ratings are assessed on a top-down basis as per the agency’s public-sector entity rating criteria, Fitch said.

The ratings are equalized with the ratings of South Korea due to the company's strong links to the sovereign and high probability of extraordinary government support, the agency said.

The company’s policy is dictated and closely monitored by the government of Korea, Fitch added.

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