Following a review of Citibank Korea Inc. (CKI) under Standard&Poor's revised bank criteria (published on Nov. 09, 2011), we have raised our long-term counterparty credit rating on CKI to 'A-' from 'BBB+'. At the same time, we affirmed the 'A-2' short-term issuer credit rating. The outlook on CKI is stable. Our ratings on CKI reflect our 'bbb+' anchor stand-alone credit profile for a bank operating only in Korea, CKI's adequate business position, adequate capital and earnings, adequate risk position, average funding, and adequate liquidity. The ratings on CKI benefit from a one-notch uplift for potential extraordinary government support in case of a crisis. The stable outlook reflects our view that the potential credit risks remain manageable and the
