Moody’s acts on four Korean banks

Moody's Investors Service said it affirmed the ratings and assessments of Busan Bank and the ratings and counterparty risk assessments of Kwangju Bank Ltd., Kyongnam Bank and Jeonbuk Bank.

The agency upgraded the baseline credit assessments (BCAs) of Kyongnam Bank and Kwangju Bank to baa2 from baa3, and the BCA of Jeonbuk Bank to baa3 from ba1.

At the same time, Moody's affirmed the adjusted BCA of Kyongnam Bank at baa1 and upgraded the adjusted BCA of Kwangju Bank to baa2 from baa3 and the adjusted BCA of Jeonbuk Bank to baa3 from ba1.

The agency also revised the outlooks of Busan Bank, Kyongnam Bank and Kwangju Bank to stable from negative. Jeonbuk Bank's outlook remains stable.

“Today's rating action reflects the banks' improved operating environment, underpinned by better growth prospects for the Korean economy on the back of synchronized global growth,” Moody’s said in a news release.

“As an open and export-driven economy, Korea is one of the key beneficiaries of improved global growth.

“Moody's expects Korea's real GDP to grow by 3% in 2017 and 2.8% in 2018, which is higher than the other G-20 advanced countries.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.