South Korea’s KB Kookmin Card has issued $500 million in asset backed securities (ABS) aboard for debt refinancing and operational expenses.

The ABS is collateralized by KB Kookmin Card’s credit card receivables, the company said Thursday. The security is rated AAA by Fitch, the highest rating assigned by the global agency. The yield and other terms were not disclosed.

MUFG Bank, the largest bank in Japan, and Singapore’s DBS Bank are co-investors in the ABS.

KB Kookmin Card also made currency rate swap agreement to avoid possible losses from changes in foreign exchange rates and interest rates.

The credit card issuer will use the proceeds to refinance existing debts and back regular operations.

The company said it was able raise funds with more favorable terms than at home, thanks to its solid credit standing and strong asset soundness.

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