Moody's ups Korean banks

Moody's Investors Service said it upgraded the ratings of 15 Korean institutions: Citibank Korea Inc., Daegu Bank, Hana Bank, Industrial Bank of Korea, Jeonbuk Bank, Kookmin Bank, Korea Development Bank, Korea Exchange Bank, Korea Rail Network Authority, National Agricultural Cooperative Federation, Pusan Bank, Shinhan Bank, Standard Chartered First Bank Korea Ltd., Suhyup Bank and Woori Bank.

The bank financial strength and global local-currency deposit ratings of these banks are unaffected.

Korea Development Bank's and Export-Import Bank of Korea's Aa3 foreign-currency senior debt rating is confirmed, concluding reviews for possible upgrade that began earlier this month.

Woori Finance Holdings' unconstrained A2 issuer rating is unaffected.

This action is in line with the changes in Korea's ratings.

The ratings changes include:

Citibank Korea Inc.'s foreign-currency long-term/short-term deposit ratings were raised to A2/prime-1 from A3/prime-2. Its foreign-currency subordinated debt rating of A1, global local-currency deposit rating of Aa3 and bank financial strength rating of C- are unaffected. The outlook is stable.

Daegu Bank's foreign-currency long-term/short-term deposit ratings were raised to A2/prime-1 from A3/prime-2. The global local-currency deposit rating of A2 and bank financial strength rating of C- are unaffected. The outlook is stable.

Export-Import Bank of Korea's foreign-currency senior debt rating of Aa3 is confirmed, concluding a review for possible upgrade that began earlier this month. The outlook is stable.

Hana Bank's foreign-currency long-term/short-term deposit ratings were raised to A2/prime-1 from A3/prime-2. The foreign-currency senior/subordinated debt ratings of A1/A2, global local-currency deposit rating of A1 and bank financial strength rating of C are unaffected. The outlook is stable.

Industrial Bank of Korea's foreign-currency long-term/short-term deposit ratings were raised to A2/prime-1 from A3/prime-2 and the foreign-currency senior/subordinated debt ratings to Aa3/Aa3 from A1/A1. The bank financial strength rating of D+ is unaffected. The outlook is stable.

Jeonbuk Bank's foreign-currency short-term deposit rating is raised to prime-1 from prime-2. The outlook is stable.

Kookmin Bank's foreign-currency long-term/short-term deposit ratings were raised to A2/prime-1 from A3/prime-2 and the foreign-currency senior debt rating to Aa3 from A1. The foreign-currency subordinated debt rating of A1, global local-currency deposit rating of Aa3 and bank financial strength rating of C are unaffected. The outlook is stable.

Korea Development Bank's foreign-currency long-term/short-term deposit ratings were raised to A2/prime-1 from A3/prime-2. The foreign-currency senior debt rating of Aa3 is confirmed, concluding a review for possible upgrade that began earlier this month. The outlook is stable.

Korea Exchange Bank's foreign-currency long-term/short-term deposit ratings were raised to A2/prime-1 from A3/prime-2. The foreign-currency senior/subordinated debt ratings of A2/A3, global local-currency deposit rating of A2 and bank financial strength rating of C- are unaffected. The outlook is stable.

Korea Rail Network Authority's issuer rating is raised to A2 from A3. The outlook is stable.

National Agricultural Cooperative Federation's foreign-currency long-term/short-term deposit ratings were raised to A2/prime-1 from A3/prime-2. The foreign-currency senior/subordinated debt ratings of A1/A2 and bank financial strength rating of D+ are unaffected. The outlook is stable.

Pusan Bank's foreign-currency long-term/short-term deposit ratings are raised to A2/prime-1 from A3/prime-2. The foreign-currency subordinated debt ratings of A3, global local-currency deposit rating of A2 and bank financial strength rating of C- are unaffected. The outlook is stable.

Shinhan Bank's foreign-currency long-term/short-term deposit ratings are raised to A2/prime-1 from A3/prime-2. The foreign-currency senior/subordinated/hybrid tier 1 debt ratings of A1/A2/A3 and bank financial strength rating of C are unaffected. The outlook is stable.

Standard Chartered First Bank Korea Ltd.'s foreign-currency long-term/short-term deposit ratings are raised to A2/prime-1 from A3/prime-2. The foreign-currency senior/subordinated debt ratings of A2/A3, global local-currency deposit rating of A2 and bank financial strength rating of D+ are unaffected. The outlook is stable, except for the bank financial strength rating, which has a positive outlook.

Suhyup Bank's foreign-currency long-term/short-term deposit ratings are raised to A2/prime-1 from A3/prime-2. The foreign-currency senior/subordinated debt ratings of A2/A3 and bank financial strength rating of D- are unaffected. The outlook is stable.

Woori Bank's foreign-currency long-term/short-term deposit ratings are raised to A2/prime-1 from A3/prime-2. The foreign-currency senior/subordinated/hybrid tier 1 debt ratings of A1/A2/A3 and bank financial strength rating of C are unaffected. The outlook is stable.

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