S&P upgrades Standard Chartered Bank Korea

S&P said it raised its issuer credit ratings on Standard Chartered Bank Korea Ltd. (SCBK) to A/A-1, from A-/A-2 and removed the ratings from CreditWatch, where S&P had placed them with positive implications on Aug. 7.

The outlook is stable.

“We raised our ratings on SCBK following the completion of the Standard Chartered group's transfer of ownership of SCBK to Standard Chartered Bank (Hong Kong) Ltd. (SCBHK; A+/stable/A-1). We now view SCBK as a highly strategic subsidiary of its Hong Kong-based parent. We believe SCBK will benefit from the higher rating on SCBHK,” S&P said in a news release.

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