The ratings on Citibank Korea Inc. (CKI: BBB+/Stable/A-2) reflect its strong capitalization, good foreign-currency funding ability and liquidity backed by its overseas group affiliates, and relatively limited exposure to risky industries. These strengths are offset by the bank's relatively weak market position, stiffening competition, and increased private-sector leverage. The ratings on CKI directly reflect its stand-alone credit profile. They do not incorporate group support. Standard&Poor's views CKI to be strategically important to its parent, Citibank N.A. New York, NY (Citibank: A+/Negative/A-1) and its ultimate parent, Citigroup Inc. (A/Negative/A-1), in accordance with Standard&Poor's criteria for "Group Methodology for Financial Services Companies," published on March 19, 2004. Strategically important subsidiaries are closely linked to the group, but some
