Strong support from KB Financial Group as a core subsidiary Solid retail customer base Adequate risk management system highly integrated with the group's Profitability susceptible to fluctuations in the domestic securities market Exposure to market risks, including interest rate risk, given large holdings of fixed-income securities Challenging environment in the domestic securities market The stable outlook on KB Securities Co. Ltd. reflects our view that KB Financial Group (KBFG) will maintain its overall credit profile backed by adequate capitalization and asset quality and provide strong commitment of support to the company for the next two years at least. We also expect KB Securities to remain of core importance to the group. The ratings on the company will therefore remain highly