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Moody's extends review of Korea Exchange Bank
Moody's Investors Service said it extended its review for possible upgrade of South Korea-based Korea Exchange Bank's long-term credit ratings, including its Baa2 senior debt rating, Baa3 subordinated debt rating and Baa2 foreign-currency long-term deposit rating. The agency said it also placed the bank's D bank financial strength rating on review for possible upgrade.
The bank's Prime-2 short-term debt and deposit ratings are not affected.
The outlook is stable.
On March 27, 2006, Moody's began a review of the bank's credit ratings following the selection of Kookmin Bank (rated A3/Prime-2/D+) as the preferred bidder for the acquisition of Lone Star's interest in Korea Exchange Bank.
This first review was to consider, as a result of the proposed sale, the bank's admission into a financially stronger strategic parent and its greater importance in the domestic banking landscape, Moody's said. However, Lone Star's cancellation of the transaction means that upward pressure on the bank's credit ratings is no longer applicable.
Nonetheless, Moody's said it is maintaining its review of the bank's long-term credit ratings and will now consider the expected higher systemic support that may be awarded to the bank given its sustained market position.
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