Fitch ups Korea First Bank

Fitch Ratings said it upgraded Korea First Bank's ratings to long-term A from BBB+ and F1 from F2 following Friday's completion of Standard Chartered Bank Group's (rated A+) 100% acquisition of the Korean bank.

Following the upgrade, the outlook is now stable.

At the same time, Fitch has changed the bank's support rating to 1 from 3 and affirmed its individual rating at C. The agency has also upgraded the ratings on Korea First Bank's hybrid tier 1 capital and subordinated debt to A-.

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