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S&P lifts Korea Exchange Bank
Standard & Poor’s said it raised the issuer credit ratings on Korea Exchange Bank to A/A-1 from A-/A-2.
The outlook is stable.
The agency also said it raised the rating on the bank’s senior unsecured bonds to A from A-, along with the rating on its $200 million 4 5/8 Basel II-compliant subordinated bonds due Oct. 24, 2023 to A- from BBB+.
S&P also upgraded the rating on its $300 million 4¼ Basel III-compliant subordinated bonds due Oct. 14, 2024 to BBB from BBB-.
The upgrade primarily reflects a view that the bank’s strategic importance within Hana Financial Group has strengthened since the positive outlook placement in March, S&P said.
The agency said it now regards Korea Exchange Bank as a core subsidiary of Hana because Korea Exchange is integral to the group’s identity and strategy.
In turn, S&P said it equalized the ratings because it expects Hana to provide support to Korea Exchange bank under any foreseeable circumstances.
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