Support from Citibank N.A. Improving competitive position in target areas. Strong capitalization and good asset quality thanks to adequate risk management. Somewhat volatile operating environments. Modest profitability. The rating on Citibank Korea reflects its support from Citibank N.A. New York, NY (AA/Stable/A-1+), which owns 99.9% of the bank directly and indirectly. Not counting support from the parent, the long-term credit ratings on Citibank Korea would be lower by a few notches. Citibank Korea's financial condition and business prospects are positive. However, the ratings on the sovereign limit Citibank Korea's rating for the following reasons: The Korean government's strict regulation of, and frequent intervention in, the nation's relatively weak financial system; Citibank N.A. has not made any explicit guarantee on its
