Support from Citibank N.A. Strong capitalization Good asset quality and risk management Uneven operating environment Modest profitability Unstable relationship with labor unions The rating on Citibank Korea Inc. reflects its support from Citibank N.A. New York, NY (AA/Positive/A-1+), which owns 99.9% of the bank directly and indirectly. Not counting support from the parent, the long-term credit rating on Citibank Korea would be lower by several notches. The rating also reflects Citibank Korea's strong stand-alone capital ratio and its good asset quality. The sovereign rating on Korea effectively limits the rating on Citibank Korea. The Korean financial sector is characterized by strict regulation. Collapses of large corporate groups and financial institutions have repeatedly damaged the credit profiles of domestic banks, frequently
