This report does not constitute a rating action. ALAC--Additional loss-absorbing capacity. CRA--Comparable ratings analysis. GRE--Government-related entity. ICR--Issuer credit rating. SACP--Stand-alone credit profile. Overview Key strengths Key risks Strong support from KB Financial Group Inc. as a core subsidiary. Credit risks from sizable property exposure, especially in domestic markets. Solid retail customer base. Exposure to market risks, including interest-rate risk, given large holding of fixed-income securities. Adequate risk management aligned with that of the group. Potential reputational risk from deficiencies in internal control. . KB Securities maintains strong alignment with the group in terms of strategy, risk management practices, and branding. As the group's second-largest operating subsidiary, KB Securities accounted for about 11% of group shareholders' equity as of end-June 2025.
