S&P lifts Korea Exchange Bank to positive

Standard & Poor's said it revised the outlook on its long-term issuer credit rating on Korea Exchange Bank to positive after Hana Financial Group announced on March 15 that shareholders approved the acquisition of a remaining minority stake in the bank via an equity stock exchange.

S&P also said it affirmed the ratings on Hana Bank and Korea Exchange Bank.

The outlook remains stable.

The affirmations reflect a view that Hana Financial's overall group credit profile after the acquisition will largely be unaffected, the agency said.

A potential legal dispute with the Korea Exchange Bank labor union could delay this transaction, although S&P said it believes the chance of such a row materializing is low.

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