S&P affirms Standard Chartered Bank

Standard & Poor's said it affirmed its A long-term and A-1 short-term counterparty credit ratings on Standard Chartered Bank and related entities, including Standard Chartered Bank (Hong Kong) Ltd. The outlook remains stable.

S&P said the rating action follows today's announcement that Korea First Bank's current owners have accepted a Korean won 3.4 trillion bid from Standard Chartered Bank for 100% of the bank's share capital.

The BBB-/A-3 ratings on Korea First Bank remain on CreditWatch positive, where they were placed on Jan. 7 in anticipation of its acquisition by a higher rated foreign bank.

S&P said the ratings affirmation and continued stable outlook recognize the strategic benefits of the acquisition and the expectation that Standard Chartered Bank will move quickly to integrate Korea First Bank into the group.

© 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.