Moody's ups Korea First Bank

Moody's Investors Service said it raised Korea First Bank's senior/subordinated debt to A3/Baa1 from Baa3/Ba1; long-term/short term deposit to A3/prime-2 from Baa3/prime-3 and bank financial strength rating to D+ from D. The outlook is stable.

These rating actions conclude a review initiated on Jan. 10 following Standard Chartered Bank's (rated A2/prime-1) announcement it would acquire Korea First Bank.

Moody's said the upgraded credit ratings are underpinned by expected strong support from Standard Chartered Bank.

Moody's said its view is predicated on Korea First Bank's significance to the group on a pro forma basis.

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