Overview Key strengths Key risks Strong market position as Korea's largest securities company. Heightened credit risks from property exposure in both overseas and domestic market. Well-diversified revenue structure. Rapid growth of promissory notes business that could strain funding and liquidity profile. Adequate capital buffer. Exposure to market risks, including interest-rate risk, given large holdings of fixed-income securities. These firms? sizable property exposure in both overseas and domestic market could affect their asset quality and profitability in the coming year. Macroeconomic uncertainties have also heightened following a seismic and uncertain shift in U.S. trade policy. A reduction in exports and sluggish domestic consumption will also weigh on Korea's economic growth, which will likely dip in 2025. We believe the 'bbb-' anchor
