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. Aggressive expansion of equity and fund investments could increase market risk. Solid retail customer base. Credit risks from sizable property exposure, especially in domestic markets. Adequate capital buffer to support business growth. Exposure to market risks such as interest-rate risk, given large holding of fixed-income securities. KB Securities Co. Ltd. will remain integral to the group, to which it brings revenue diversification and cross-selling benefits . The company maintains strong alignment with the group in strategy, risk management, and branding. It is
