S&P: Korea Exchange Bank on positive watch

Standard & Poor's said it placed its BBB+/A-2 counterparty credit ratings on Korea Exchange Bank on CreditWatch with positive implications due to the increased likelihood, in its view, that HSBC Holdings plc (AA-/stable/A-1+) will acquire Lone Star Funds' majority stake in the bank.

According to the agency, the CreditWatch placement reflects the Korean regulator's more positive stance on approving HSBC's takeover of Korea Exchange Bank as well as HSBC's continued commitment to the deal.

The CreditWatch placement also includes the bank's senior unsecured notes, lower tier II subordinated notes, and euro commercial paper program, S&P added.

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