Fitch revises up credit outlook of 5 S. Korean state-run banks

SEOUL, Sept. 3 (Yonhap) -- Global credit appraiser Fitch Ratings said Thursday it has upgraded its credit outlook for South Korea's five state-run banks to "stable" from "negative," in line with its upward revision to the country's sovereign rating outlook the previous day.

The five banks are the Export-Import Bank of Korea (KEXIM), Industrial Bank of
Korea (IBK), Korea Development Bank (KDB), the National Agricultural Cooperative
Federation (NACF), and Small Business Corporation (SBC). Fitch reaffirmed its
credit ratings for them at "A plus."
The move comes after the agency lowered its outlook for 17 South Korean financial
companies, including those banks, to "negative" last November as the global
financial crisis erupted following the collapse of U.S. investment giant Lehman
Brothers.
On Wednesday, Fitch revised up the outlook for South Korea's sovereign rating to
"stable" from "negative," saying that its credit fundamentals have gained ground
compared with other peer countries. It reaffirmed Korea's sovereign credit at "A
plus," the fifth-highest investment grade.
kokobj@yna.co.kr
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