S&P lifts Korea Exchange Bank

Standard & Poor's said it raised to A- from BBB+ its long-term counterparty credit and senior unsecured issue ratings on Korea Exchange Bank.

At the same time, the agency said it removed the ratings from CreditWatch with positive implications, where they were placed on Dec. 6, following Hana Financial Group's announcement of its potential acquisition of KEB.

In addition, the agency said it affirmed the A-2 short-term issuer credit rating on KEB. The outlook on the long-term rating on KEB is stable.

S&P said it also affirmed the A/A-1 counterparty credit ratings on Hana Bank. The outlook on Hana is stable.

The rating actions reflect S&P's assessment of the impact of HFG's acquisition on KEB as well as Hana, following HFG's announcement of the deal's closing on Feb. 10, the agency said. S&P said the CreditWatch resolution and the upgrade of KEB reflect the agency's view that it is a "highly strategic" subsidiary of the enlarged HFG, and it is likely to receive strong group support under most circumstances.

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