Citibank Korea Inc.

We also anticipate CKI will receive extraordinary support, including additional loss-absorbing capacity (ALAC) support, from the group under almost all foreseeable circumstances when needed. The stand-alone credit profile (SACP) is not a major rating driver for CKI, given the bank's highly strategic group status. The stable outlook on CKI reflects our outlook on Citibank N.A., the U.S.-based lead bank of the group. We believe CKI will continue to play a crucial role in the group's business strategy focusing on institutional banking business, and remain a highly strategic subsidiary over the next two years at least. The group has both the capacity and willingness to provide significant support to Citibank Korea, if needed, in our view. We could downgrade CKI if

...Citibank Korea Inc. (CKI) will remain highly important to Citigroup's business strategy, in our view. The bank will likely continue leveraging the group's global franchise and networks to provide institutional banking services. This is even as the group continues to wind down its consumer banking business in phases. We also anticipate CKI will receive extraordinary support, including additional loss-absorbing capacity (ALAC) support, from the group under almost all foreseeable circumstances when needed. The stand-alone credit profile (SACP) is not a major rating driver for CKI, given the bank's highly strategic group status. We expect CKI to maintain very strong capitalization over the next two years. Our view is underpinned by the bank's gradually shrinking consumer loan book and stable profitability prospects. Improving cost efficiency following the winding down of retail operations, and solid fee income generated from its institutional banking services will likely support profitability....

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