Fitch raises Korea Exchange Bank

Fitch Ratings said it upgraded Korea Exchange Bank's long-term rating to BBB with a stable outlook from BBB- and also upgraded its individual rating to C from C/D and short-term rating to F2 from F3.

The agency's ratings on Korea Exchange Bank's lower tier II subordinated debt has also been raised by one notch to BB+ and BBB-. At the same time, the agency affirmed the bank's support rating at 2.

Fitch said the ratings upgrade reflects Korea Exchange Bank's improved operating performance, asset quality and capital position in 2004 and first-quarter 2005. The ratings have been constrained by the bank's struggle with the legacy of large bad corporate loans and credit card losses.

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