Fitch upgrades Korea Exchange Bank

Fitch Ratings said it upgraded Korea Exchange Bank's (KEB) long-term rating to BBB+ with a stable outlook from BBB.

At the same time, Fitch affirmed KEB's ratings at short-term F2, individual C and support 2.

The agency's rating on KEB's lower-tier II subordinated debt has also been raised by one notch to BBB.

Fitch said the rating upgrade reflects KEB's considerable improvement in its operating performance, asset quality and capital position since 2004.

The bank's ratings were previously constrained by its struggle with the legacy of large bad corporate loans and credit card losses, the agency noted.

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