S&P affirms Korea Exchange

Standard & Poor's said it affirmed the BBB+ long-term counterparty credit and senior unsecured issue ratings on Korea Exchange Bank and removed the ratings from CreditWatch with positive implications, where they were placed in March.

The outlook is stable.

The watch resolution reflects increased uncertainty regarding the successful completion of Hana Financial Group's acquisition of the bank within three months.

The ratings reflect its good competitive position in its international trade finance and foreign-exchange operations and adequate capitalization, S&P said.

The ratings are constrained by the bank's weak overall market position and its relatively large exposure to the construction, real estate and leasing businesses, the agency said.

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