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Moody’s cuts Woori Bank; changes five Korean banks to negative
Moody's Investors Service said it revised the rating outlook on five Korean banks to negative from stable. The five banks are: Busan Bank; Daegu Bank, Ltd.; KEB Hana Bank; Kyongnam Bank; and Shinhan Bank.
The agency also changed Jeonbuk Bank's rating outlook to stable from positive.
Moody’s said the action reflects its expectation that a more challenging operating environment for banks in Korea in 2016 and possibly beyond will pressure banks' asset quality and profitability, particularly for those either in regions heavily exposed to, or with relatively larger exposures to industries undergoing or in need of restructuring.
At the same time, Moody's affirmed all inputs to the ratings, including baseline credit assessments (BCA); adjusted BCAs; counterparty risk assessments (CRA); and ratings at current levels for the six banks affected by outlook changes.
In addition, the agency downgraded Woori Bank's long-term foreign currency deposit rating to A2 from A1; senior unsecured foreign currency debt rating to A2; Basel III-compliant foreign currency subordinated debt rating to Ba1(hyb); Basel II foreign currency subordinated debt rating to Baa2; foreign currency preference stock non-cumulative rating to Ba3 (hyb); and long-term CRA to A1(cr).
The outlook of Woori Bank is negative.
Moody's has also affirmed the credit ratings of Citibank Korea Inc.; Industrial Bank of Korea (IBK); Jeju Bank; Korea Development Bank; KDB Asia Ltd.; Kookmin Bank; Korea Securities Finance Corp.; NongHyup Bank; and Suhyup Bank.
The outlooks for these banks remain stable.
In the same action, the credit ratings for Kwangju Bank Ltd. and Standard Chartered Bank Korea Ltd. were affirmed and the negative ratings outlooks maintained.
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