Moody's: Korean banks still deteriorating

Moody's Investors Service said it said Korean banks have secured - with the government's aid - sufficient foreign-currency funding for the remaining weeks of 2008.

By contrast, the situation for 2009 is less certain and will hinge on developments in the global credit markets, Moody's said.

Nonetheless, the ability of the banks to meet their 2009 maturing foreign-currency obligations will remain backstopped by the willingness of the Korean government to assist the bank in making timely payments, the agency said.

The banks' financial and operating trends continue to deteriorate on the back of the global credit crisis and weaker domestic economy, with no major signs yet of a reversal, Moody's said.

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