Fitch cuts some Korean bank hybrids

Fitch Ratings said it affirmed the issuer default ratings on Korean banks given their generally adequate financial positions and strong government support.

The banks' outlooks are negative, reflecting the more challenging economic environment and the negative outlook assigned to the sovereign rating of Korea.

In light of the more challenging economic conditions and the consequently weaker performance outlook for the banks, Fitch's ratings on hybrid debt securities have been lowered.

Kookmin Bank's foreign-currency long-term issuer default rating was affirmed at A+ along with its foreign-currency short-term issuer default rating at F1.

Shinhan Bank's foreign-currency long-term issuer default rating was affirmed at A, subordinated debt at A- and foreign-currency short-term issuer default rating at F1. Its hybrid capital instrument was downgraded to BBB+ from A-.

Woori Bank's foreign-currency long-term issuer default rating was affirmed at A-, along with its subordinated debt at BBB+ and foreign-currency short-term issuer default rating at F2. Its hybrid capital instrument was downgraded to BBB- from BBB+.

Hana Bank's foreign-currency long-term issuer default rating was affirmed at A-, along with its subordinated debt at BBB+ and foreign-currency short-term issuer default rating at F2. Its hybrid capital instrument/preferred stock was downgraded to BBB- from BBB+.

Korea Exchange Bank's foreign-currency long-term issuer default rating was affirmed at A-, along with its subordinated debt at BBB+ and foreign-currency short-term issuer default rating at F2.

Standard Chartered First Bank's foreign-currency long-term issuer default rating was affirmed at A with stable outlook, along with its subordinated debt at A- and foreign-currency short-term issuer default rating at F1. Its hybrid capital instrument was downgraded to BBB+ from A-.

Citibank Korea Inc.'s foreign-currency long-term issuer default rating was affirmed at A+ with stable outlook, along with its subordinated debt at A and foreign-currency short-term issuer default rating at F1+.

Pusan Bank's foreign-currency long-term issuer default rating was affirmed at BBB+, along with its subordinated debt at BBB and foreign-currency short-term issuer default rating at F2.

Kyongnam Bank's foreign-currency long-term issuer default rating was affirmed at BBB+, along with its foreign-currency short-term issuer default rating at F2.

Kwangju Bank's foreign-currency long-term issuer default rating was affirmed at BBB+, along with its foreign-currency short-term issuer default rating at F2.

Jeju Bank's foreign-currency long-term issuer default rating was affirmed at BBB+, along with its foreign-currency short-term issuer default rating at F2.

Korea Development Bank's foreign-currency long-term issuer default rating was affirmed at A+, along with its foreign-currency short-term issuer default rating at F1.

Export-Import Bank of Korea's foreign-currency long-term issuer default rating was affirmed at A+, along with its local-currency long-term issuer default rating at AA and foreign-currency short-term issuer default rating at F1.

Industrial Bank of Korea's foreign-currency long-term issuer default rating was affirmed at A+, along with its subordinate debt at A+ and foreign-currency short-term issuer default rating at F1.

National Agricultural Cooperative Federation's foreign-currency long-term issuer default rating was affirmed at A+, along with its foreign-currency short-term issuer default rating at F1.

Woori Financial Group's foreign-currency long-term issuer default rating was affirmed at BBB+, along with its foreign-currency short-term issuer default rating at F2.

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