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 support from Citibank N.A. New York, NY (AA/Positive/A-1+), which owns 99.9% of the bank. The long-term credit rating on Citibank Korea would be several notches lower if the parent company support is discounted. 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. The collapse of large corporate groups and financial institutions have repeatedly damaged the credit profiles of domestic banks and frequently required direct
