Moody's considers possible ratings downgrade of 10 S. Korean banks

SEOUL, Jan. 15 (Yonhap) -- Moody's Investors Service said Thursday that it is
reviewing a possible ratings downgrade of 10 South Korean banks to reflect
concerns related to foreign currency obligations.

The banks being reviewed are Citibank Korea Inc., Export-Import Bank of Korea,
Hana Bank, Kookmin Bank, Korea Development Bank, Industrial Bank of Korea,
Shinhan Bank, Woori Bank, Woori Financial Holdings and a lender operated by the
National Agriculture Cooperative Federation, it said.
Moody's said the review will consider the appropriateness of banks' foreign
currency debt ratings vis-a-vis their dependence on government support to secure
external funding.
It also said it would examine the banks' system-wide access to foreign currency
such as swap agreements.
The investor service agency, meanwhile, added that even if the ratings of the
banks were lowered they would not fall below the government's foreign currency
bond rating, which is currently at A2 with a stable outlook.
yonngong@yna.co.kr
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