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Rating Fees

Introduction of Credit Rating Service and Rating Procedure Guide.

Bond Rating

기본수수료 + 발생수수료 + 정기평가수수료

<VAT not included>

Bond Rating
Total assets(as stated in the most recent financial reports) Basic fees Issue fees
Up to KRW 100 billion KRW 11 million 1/10,000 of issue amount
(when issued in foreign currency : MAR of the contract date is applied)
Over KRW 100 billion, up to KRW 500 billion KRW 13 million
Over KRW 500 billion, up to KRW 1 trillion KRW 16 million
Over KRW 1 trillion, up to KRW 2 trillion KRW 22 million
Over KRW 2 trillion KRW 33 million
Fee ceiling per issue KRW 50 million
Preliminary rating Basic fees(issue fee is paid for the first initial rating)
  • - Basic fee is applied for preliminary rating fee and validity period (basic fee is exempted) for one year from the date of assigning the rating.
  • - For one bond rating conducted within one year from the assigning of the issuer rating, basic fee is exempted. SMEs are entitled to a 30% discount on rating fees.
  • - 30% of the basic fee before discount applies to regular evaluation fee.
  • - Regular evaluation fee applies to the agreements concluded after February 9, 2015 and enterprise credit evaluations including preliminary evaluations on bonds for the same year will be exempted from fee.
  • - Two evaluations or more on bonds in the same year will offer a 30% discount off the basic fee. However, bonds issued in multiple series on the same date will lead to a 50% discount off the fee for tranches, except for the first one.
  • - Double or more ratings of long-term credit rating on corporate bonds or enterprise credit evaluation, and short-term credit rating on commercial paper or short-term bonds in the same year will offer a 30% discount off follow-up evaluation fee.
    However, double ratings on commercial paper and short-term bonds will completely exempt basic fee for follow-up evaluation and regular evaluation fee.
  • - The division between SMEs and large corporations was made in accordance with the Framework Act on Small and Medium Enterprises in Korea.
  • - Basic rating fee of KRW 30 million is charged for won-denominated bonds issued in Korea by non-residents, called "Arirang bonds." Other than basic fee, rating fee for bond credit rating is applied.

Annual fee ceiling per issuer (general business)

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Annual fee ceiling per issuer (general business)
Annual Unsecured Bonds Issued Annual Fee Ceilling
Up to KRW 1 trillion KRW 120 million
Up to KRW 1.5 trillion KRW 150 million
Over KRW 1.5 trillion KRW 200 million
  • - CP rating and STB rating fees are not included in the annual fee ceiling.

Annual fee ceiling per issuer (financial companies)

<VAT not included>

Annual fee ceiling per issuer (financial companies)
Annual Unsecured Bonds Issued Annual Fee Ceilling
Up to KRW 1 trillion KRW 120 million
Over KRW 1 trillion, Up to KRW 1.5 trillion KRW 150 million
Over KRW 1.5 trillion, Up to KRW 2.5 trillion KRW 200 million
Over KRW 2.5 trillion, Up to KRW 3.5 trillion KRW 250 million
Over KRW 3.5 trillion, Up to KRW 4.5 trillion KRW 300 million
Over KRW 4.5 trillion KRW 350 million
  • - CP rating and STB rating fees are not included in the annual fee ceiling.

Annual fee ceiling per issuer (Public Enterprises)

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Annual fee ceiling per issuer (Public Enterprises)
Maximum fee per rating KRW 30 million
Maximum annual fee KRW 90 million
  • - CP rating and STB rating fees are not included in the annual fee ceiling