Fitch rates NACF notes A+

Fitch Ratings said it assigned an expected rating of A+ to the National Agricultural Cooperative Federation's (NACF) planned issue of five-year senior unsecured notes. The size of the issue is yet to be confirmed.

The rating is the same as the bank's long-term issuer default rating of A+ with a stable outlook, which in turn is underpinned by its support rating of 1. The final rating is contingent upon receipt of final documents.

The rating remains underpinned by the very high probability of support by South Korea's government given its crucial role in the security and distribution of food in Korea, Fitch said, as well as its status as the country's fourth largest bank and its role in regulating and supervising Korea's 1,200-odd credit cooperatives.

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