Fitch: Standard Chartered Bank Korea outlook negative

Fitch Ratings said it revised Standard Chartered Bank Korea Ltd.'s outlook to negative from stable and affirmed its long-term foreign-currency issuer default rating at A+.

The action was triggered by the outlook revision of its 100% parent, Standard Chartered Bank (AA-/negative), according to the agency.

The rating of the bank's legacy hybrid tier 1 securities was affirmed at BBB+, to reflect deep subordination and the fact that their non-performance risk would be neutralized by support from its parent, according to the agency.

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