Fitch Assigns Korea Ocean Business Corporation’s First-Time ‘AA-‘ IDR; Outlook Stable Fitch Ratings has assigned Korea Ocean Business Corporation’s (KOBC) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at ‘AA-‘. The Outlook is Stable. The government-owned KOBC was established in 2018 under the Korea Ocean Business Corporation Act (KOBC Act). Its policy mission is to support shippers’ liquidity and ship purchase, and to bolster South Korea’s (AA-/Stable) maritime industry competitiveness. Fitch deems KOBC a government-related entity (GRE) and uses a top-down rating approach, based on our expectations of a high likelihood of exceptional government support for the company, if required.