Fitch: Korea Exchange Bank on positive watch

Fitch Ratings said it placed on Rating Watch positive, Korea Exchange Bank's (KEB) long-term issuer default rating of BBB+ as well as its senior, lower tier 2 and upper tier 2 issue ratings of BBB+, BBB and BBB-, respectively.

The agency said KEB's other ratings are affirmed as follows: short-term issuer default rating F2, individual C and support 2.

At the same time, the agency added it affirmed the ratings of Kookmin Bank (KB) as follows: long-term issuer default rating A with a stable outlook, individual B/C and support 1.

This follows news that KB has been named the preferred bidder to acquire a majority stake in KEB by the seller, Lone Star, the agency said, noting that, depending on how the acquisition is funded, it is likely to result in a one to two percentage point decline in KB's tier I capital adequacy ratio.

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