Moody’s drops Standard Chartered Bank Korea

Moody's Investors Service said it downgraded the local- and foreign-currency long-term deposit ratings of Standard Chartered Bank Korea Ltd. (SCBK) to A2 from A1 and downgraded its adjusted baseline credit assessment (BCA) to baa1 from a3.

The outlook was changed to stable from negative.

At the same time, the agency affirmed the bank’s local- and foreign-currency short-term deposit ratings of P-1, foreign currency commercial paper rating of P-1, long- and short-term counterparty risk assessment of A1(cr)/P-1(cr) and baseline credit assessment (BCA) of baa2.

This action follows the May 2 downgrade of its parent Standard Chartered Bank's (SCB) long-term deposits and senior unsecured debt ratings to A1 from Aa3, and the downgrade of its BCA to baa1 from a3.

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