Moody’s: Five Korea banks view to negative

Moody’s Investors Service said it revised the outlook to negative from stable on five Korean banks.

The five banks affected are Busan Bank; Daegu Bank, Ltd.; KEB Hana Bank; Kyongnam Bank; and Shinhan Bank.

Moody’s also said it changed Jeonbuk Bank’s outlook to stable from positive.

The outlook revisions reflect an expectation for a more challenging operating environment for banks in Korea in 2016, the agency said, and possibly beyond.

Moody’s also said it affirmed all of the banks’ ratings.

The agency also said it 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 and foreign-currency preference stock non-cumulative rating to Ba3 (hyb).

The outlook on Woori Bank is negative.

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