S&P upgrades KEB Hana Bank

S&P said it raised the long-term issuer credit ratings and senior unsecured issue rating on KEB Hana Bank to A+ from A.

The agency also said it revised the stand-alone credit profile on the bank up to A-.

S&P also said it raised the ratings on the bank's Basel III and legacy Basel II tier 2 subordinated notes by one notch to BBB+ and A, respectively.

The agency also said it raised the greater China regional scale senior unsecured issue rating on KEB Hana to cnAAA from cnAA+ and affirmed the Asean regional scale rating at axAAA.

S&P also said it affirmed the short-term issuer and issue rating on the bank at A-1.

The outlook is stable.

The upgrades are mainly because the bank and the parent group, Hana Financial Group, have sustainably strengthened their capitalization to an adequate level, S&P explained.

The group has prioritized capitalization and risk management over growth, especially since the merger between Hana Bank and Korea Exchange Bank in September 2015, the agency said.

The bank’s risk profile is expected to remain fairly stable on the back of its relatively prudent risk management and underwriting standards, S&P added.

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