Hong Kong, April 14, 2016 -- Moody's Investors Service has today revised to negative from stable
the rating outlook on five Korean banks.
The five banks affected are Busan Bank; Daegu Bank, Ltd.;
KEB Hana Bank; Kyongnam Bank; and Shinhan Bank.
Moody's has also changed Jeonbuk Bank's rating outlook to
stable from positive.
The rating action reflects Moody's expectation that a more challenging
operating environment for banks in Korea in 2016 and possibly beyond will
pressure banks' asset quality and profitability, particularly
for those either in regions heavily exposed to, or with relatively
larger exposures to industries undergoing or in need of restructuring.
At the same time, Moody's has affirmed all inputs to the ratings,
including baseline credit assessments (BCA); adjusted BCAs;
counterparty risk assessments (CRA); and ratings at current levels
for the six banks affected by outlook changes.
In addition, Moody's has downgraded Woori Bank's long-term
foreign currency deposit rating to A2 from A1. Moody's has also
downgraded its senior unsecured foreign currency debt rating to A2;
Basel III-compliant foreign currency subordinated debt rating to
Ba1(hyb); Basel II foreign currency subordinated debt rating to Baa2;
and foreign currency preference stock non-cumulative rating to
Ba3 (hyb). Moody's has also lowered its long-term
CRA to A1(cr).
The outlook of Woori Bank is negative.
Moody's has also affirmed the credit ratings of Citibank Korea Inc;
Industrial Bank of Korea (IBK); Jeju Bank; Korea Development
Bank (KDB); KDB Asia Ltd.; Kookmin Bank; Korea Securities
Finance Corporation (KSFC); NongHyup Bank; and Suhyup Bank.
The rating outlooks for these banks remain stable.
In the same action, the credit ratings for Kwangju Bank Ltd.
and Standard Chartered Bank Korea Limited have been affirmed and the negative
ratings outlooks maintained.
Ratings outlooks provide an opinion on likely rating direction over the
next 12-18 months, and are assigned only to a bank's
long-term deposit, issuer and senior unsecured debt ratings.
A list of all affected ratings is provided at the end of this press release.
RATINGS RATIONALE
RATIONALE FOR OUTLOOK CHANGE
We expect a more challenging operating environment for Korea banks,
in view of contracting exports and the prolonged restructuring of large
corporates in sectors -- including shipbuilding, shipping,
construction and steel -- burdened by overcapacity and facing weak
demand globally.
Reflecting the operating environment's challenges, Moody's
has changed its assessment of Korea's Macro Profile to "Strong"
from "Strong +". In particular, Moody's
considers that weakening credit conditions in Korea -- including
an increase in the ratio of private sector credit to GDP by 10 percentage
points to 182.6% of GDP, as of September 2015,
from 172.9% some three years ago -- present increasing
risk to the banks' asset quality and profitability.
In this context, Moody's expects a higher level of problem
loan levels for Korean banks, with consequent pressures on profitability
and capitalization, particularly for those banks either in regions
heavily exposed to, or with relatively larger exposure to industries
undergoing or in need of restructuring.
As a result, Moody's has changed to negative from stable the
ratings outlook of Busan Bank; Daegu Bank; KEB Hana Bank;
Kyongnam Bank; and Shinhan Bank. Their BCAs, adjusted
BCAs, counterparty risk assessments (CRA), and ratings were
affirmed at current levels.
RATIONALE BEHIND DOWNGRADE OF RATINGS OF WOORI BANK
For Woori Bank, we have downgraded its ratings, with a negative
outlook. Its BCA was lowered to baa3 from baa2, as expected
improvements in its financial profile, which was already weak for
its rating level, are now unlikely to materialize. In fact,
its financial metrics are deteriorating, with its Common Equity
Tier 1 ratio declining to 8.47% as of 2015 from 8.96%
a year ago.
We have also considered the fact that its ability to raise capital has
become constrained since its major shareholder, Korea Deposit Insurance
Corporation with a 51% stake, plans to sell the bank.
The ongoing negative outlook reflects the possible reduction in the four
notches of uplift -- the highest assigned to any Korean commercial
bank -- from systemic support when the bank is sold.
RATIONALE BEHIND AFFIRMATION OF RATINGS OF COMMERCIAL BANKS
Moody's has affirmed all the ratings and CRAs for Citibank Korea;
Jeju Bank; and Kookmin Bank. The ratings outlooks remain stable.
All ratings inputs, BCAs, and adjusted BCAs were also affirmed,
reflecting the banks' relatively lower exposures to the Korean economy's
problem sectors, as well as their sufficient capital buffers,
and stable funding and liquidity profiles, which Moody's believes
provide sufficient cushions for maintaining their current ratings despite
the prevailing headwinds.
For Jeonbuk Bank, we have affirmed the ratings and have changed
the ratings outlook to stable from positive, as possible improvements
in financial metrics, particularly capital, are now unlikely.
The bank has a relatively weak capital cushion, against its rising
level of asset risk, with its non-performing loans ratio
rising to 1.43% in 2015 from 1.33% a year
ago.
We also note that its planned acquisition of a 50% stake in Phnom
Penh Commercial Bank in Cambodia, scheduled for completion by June
2016, will offset the improvement in capitalization from capital
received from its parent JB Financial Group (unrated) in December 2015.
For Kwangju Bank, we have affirmed the ratings and have maintained
the negative outlook as we believe its credit metrics may come under pressure
from continued strong growth in its risk assets. Its Common Equity
Tier 1 ratio declined to 9.22% in 2015 from 9.76%
a year before.
We note that the BCAs of Kwangju Bank and Jeonbuk Bank may not necessarily
equalize, as capital fungibility between the two sister banks is
limited by the fact that JB Financial Group does not fully own Kwangju
Bank. Instead, it owns a 56.97% stake,
and the regulator's introduction of minimum earnings retention ratios
in December 2015 will limit dividend payments based on the level of capitalization.
For Standard Chartered Bank Korea (SCBK), we have affirmed the ratings
and have maintained the negative outlook which reflects the negative outlook
placed on its parent Standard Chartered Bank (SCB, Aa3 negative).
If the parent's ratings are downgraded, then SCBK's ratings
could also be downgraded in light of the two notches of affiliate support
incorporated into its ratings.
RATIONALE BEHIND AFFIRMATION OF RATINGS OF POLICY BANKS AND KSFC
We have also affirmed the credit ratings; BCAs; adjusted BCAs;
and CRAs of the policy banks in Korea -- Korea Development Bank (KDB);
KDB Asia; IBK; NongHyup Bank; and Suhyup Bank -- with
stable outlooks.
The affirmation is based on our assessment that their relatively low BCAs
sufficiently reflect their asset risks. Exposure levels at the
policy banks to the economy's export and problem sectors vary from
modest to very high.
The affirmation also reflects our view that very strong government support
is likely, given the important policy functions of the policy banks.
For KDB and IBK, we have also considered the respective explicit
legal stipulations that hold the government responsible for their individual
solvency.
For KSFC, we have affirmed its ratings with a stable outlook,
reflecting its very high capitalization and liquid balance sheet.
KSFC -- because of the nature of its business model --
is not affected by the increasing challenges in the operating environment
that prompted our change in the Macro Profile.
WHAT COULD CHANGE THE RATINGS UP/DOWN
The ratings of Korean banks could be downgraded if their financial fundamentals
deteriorate significantly.
All other rating factors being constant, the BCAs would come under
downward pressure if any of these conditions is met: (1) a significant
increase in problem loan ratios and provision charges without increases
in core capital; (2) a significant weakening of capitalization with
TCE/RWA ratios decreasing by more than 100 basis points; and/or (3)
significant deterioration in funding and liquidity profiles.
For the banks with negative outlooks, Moody's does not expect any
upward pressure on their ratings in the medium term.
However, their outlooks could be revised to stable if macro-economic
conditions in Korea improve and these banks maintain sound financial metrics.
For the banks with stable outlooks, their ratings could be upgraded
if their financial fundamentals improve significantly, leading to
an upward pressure on their BCAs from (1) significant improvements in
capitalization, while maintaining stable asset quality; (2)
significant decline in problem loan ratios and provision charges,
while maintaining stable capitalization; and (3) significant improvements
in funding and liquidity profiles.
For the policy banks, their ratings could also be upgraded if the
sovereign rating of Korean government is upgraded.
The principal methodology used in these ratings was Banks published in
January 2016. Please see the Ratings Methodologies page on www.moodys.com
for a copy of this methodology.
LIST OF AFFECTED RATINGS
Busan Bank (Lead Analyst: Hyun Hee Park)
- Long-term deposit rating (Foreign currency and Local currency)
of A2 affirmed with negative outlook;
- Long-term senior unsecured debt rating (Foreign currency
) of A2 affirmed with negative outlook;
- Senior unsecured MTN (Foreign currency ) (P)A2 affirmed;
- Subordinated MTN (Foreign currency) of (P)Baa1 affirmed
- Short-term deposit rating of P-1 affirmed;
and
- Long-term / Short-term counterparty risk assessment
of A1(cr)/P-1(cr) affirmed
- Baseline credit assessment and adjusted baseline credit assessment
of baa1 affirmed
- Outlook changed to negative from stable
Daegu Bank, Ltd. (Lead Analyst: Hyun Hee Park)
- Long-term local currency and foreign currency deposits
ratings of A2 affirmed with negative outlook
- Short-term local currency and foreign currency deposits
ratings of P-1 affirmed
- Foreign currency senior unsecured ratings of A2 affirmed with
negative outlook
- Long-term / Short-term counterparty risk assessment
of A1(cr) and P-1(cr) affirmed
- Baseline credit assessment and adjusted baseline credit assessment
of baa1 affirmed
- Outlook changed to negative from stable
Citibank Korea Inc (Lead Analyst: Sophia Lee)
- Local and foreign currency long-term deposits ratings
of A2 affirmed with a stable outlook
- Short-term local currency and foreign currency deposits
ratings of P-1 affirmed.
- Long-term / Short-term Counterparty Risk Assessment
of A1(cr)/P-1(cr) affirmed
- Baseline credit assessment and adjusted baseline credit assessment
of baa2 affirmed
- Outlook is maintained at stable
Industrial Bank of Korea (Lead Analyst: Hyun Hee Park)
- Foreign currency long-term senior unsecured debt/deposit
ratings of Aa2/Aa2 affirmed with a stable outlook
- Foreign currency long-term senior unsecured MTN rating
of (P)Aa2 affirmed
- Foreign currency short-term deposit/commercial paper/other
short-term programme ratings of P-1/P-1/(P)P-1
- Foreign currency other short-term rating of P-1
affirmed
- Long-term / Short-term counterparty risk assessment
of Aa2(cr)/P-1(cr) affirmed
- Baseline credit assessment and adjusted baseline credit assessment
of baa2 affirmed
- Outlook is maintained at stable
Jeonbuk Bank (Lead Analyst: Sophia Lee)
- Local- and foreign-currency long-term deposit
ratings of Baa1 affirmed with a stable outlook
- Local- and foreign-currency short-term deposit
ratings of P-2 affirmed
- Long-term / short-term Counterparty Risk Assessment
of A3(cr) / P-2(cr) affirmed
- Baseline credit assessment and adjusted baseline credit assessment
of ba1 affirmed
- Outlook is changed to stable from positive
Jeju Bank (Lead Analyst: Hyun Hee Park)
- Long-term deposit rating (Foreign currency and Local currency)
of A3 affirmed with stable outlook
- Short-term deposit rating of P-2 affirmed
- Long-term / Short-term counterparty risk assessment
of A2(cr)/P-1(cr) affirmed
- Baseline credit assessment of baa3 and adjusted baseline credit
assessment of baa1 affirmed
- Outlook is maintained at stable
KEB Hana Bank (Lead Analyst: Hyun Hee Park)
- Long-term deposit rating (Foreign currency and Local currency)
of A1 affirmed with a negative outlook;
- Foreign currency long-term senior unsecured debt rating
of A1 affirmed with a negative outlook;
- Plain vanilla foreign currency long-term subordinated
debt rating of Baa1 affirmed;
- Foreign currency long-term Basel III-compliant
subordinated debt of Baa2(hyb) affirmed;
- Foreign currency long-term senior unsecured/ Basel III-compliant
subordinated medium-term notes (MTN) programmes of (P)A1/(P)Baa2
affirmed;
- The local and foreign currency short-term deposit ratings
/commercial paper/ short-term MTN programme rating of P-1/P-1/(P)P-1
affirmed; and
- Long-term / Short-term counterparty risk assessment
of Aa3(cr)/P-1(cr) affirmed
- Baseline credit assessment and adjusted baseline credit assessment
of baa1 affirmed
- Outlook is changed to negative from stable
Kookmin Bank (Lead Analyst: Sophia Lee)
- Local and foreign currency long-term deposit ratings of
A1 affirmed with a stable outlook
- Foreign currency senior unsecured MTN rating of (P)A1 affirmed
- Foreign currency senior unsecured rating of A1 affirmed with
a stable outlook
- Foreign currency long-term deposit note/ CD program rating
of (P)A1 affirmed
- Short-term foreign currency and local currency deposit
rating of P-1 affirmed
- Foreign currency commercial paper rating of P-1 affirmed
- Foreign currency Other short term rating (P)P-1 affirmed
- Foreign currency short-term deposit note / CD program
rating (P)P-1 affirmed
- Long-term and short-term Counterparty Risk Assessment
of Aa3(cr) and P-1(cr) affirmed
- Baseline credit assessment and adjusted baseline credit assessment
of baa1 affirmed
- Outlook is maintained at stable
Korea Development Bank (Lead Analyst: Hyun Hee Park)
- Foreign currency long-term senior unsecured debt rating
of Aa2 with a stable outlook
- Foreign currency senior unsecured MTN/senior unsecured shelf/backed
senior unsecured shelf ratings of (P)Aa2/(P)Aa2/(P)Aa2 affirmed
- Backed senior unsecured debt rating of Aa2 affirmed with a stable
outlook
- Local and foreign currency long-term deposit rating of
Aa2 affirmed with a stable outlook
- Foreign and local currency short-term deposit rating of
P-1 affirmed
- Foreign currency commercial paper rating of P-1 affirmed
- Foreign currency other short-term programme rating of
(P)P-1 affirmed
- Foreign currency other short-term rating of P-1
affirmed
- Long-term / Short-term counterparty risk assessment
of Aa2(cr)/P-1(cr) affirmed
- Baseline credit assessment and adjusted baseline credit assessment
of ba2 affirmed
- Outlook is maintained at stable
Korea Development Bank, New York Branch
- Local currency senior unsecured MTN rating of (P)Aa2 affirmed
- Local currency senior unsecured debt rating of Aa2 affirmed with
a stable outlook
- Local currency other short-term programme rating of (P)P-1
affirmed
- Local currency commercial paper rating of P-1 affirmed
- Short-term counterparty risk assessment of P-1(cr)
affirmed
- The outlook is changed to stable from NOO
Korea Development Bank, London Branch
- Foreign currency long-term senior unsecured debt rating
of Aa2 affirmed with a stable outlook
- Foreign currency senior unsecured MTN rating of (P)Aa2 affirmed
- Long-term and short-term counterparty risk assessment
of Aa2(cr)/P-1(cr) affirmed
- Foreign currency other short-term programme rating of
(P)P-1 affirmed
- Outlook is maintained at stable
Korea Development Bank, Singapore Branch
- Foreign currency long-term deposit note/CD program rating
of Aa2 affirmed with a stable outlook
- Long-term counterparty risk assessment of Aa2(cr) affirmed
- Outlook is maintained at stable
KDB Asia Ltd. (Lead Analyst: Hyun Hee Park)
- Foreign currency and local currency long-term deposit
ratings of Aa2/Aa2 affirmed with a stable outlook
- Short-term deposit ratings of P-1 affirmed
- Long-term / Short-term counterparty risk assessment
of Aa2(cr)/P-1(cr) affirmed
- Baseline credit assessment and adjusted baseline credit assessment
of ba2 affirmed
- Outlook is maintained at stable
Korea Securities Finance Corporation (Lead Analyst: Sophia Lee)
- Foreign currency long-term issuer rating of Aa2 affirmed
with a stable outlook
- Foreign currency short-term issuer rating of P-1
affirmed
- Long-term and short-term Counterparty Risk Assessment
of Aa2(cr) and P-1(cr) affirmed
- Baseline credit assessment and adjusted baseline credit assessment
of a2 affirmed
- Outlook is maintained at stable
Kwangju Bank Ltd. (Lead Analyst: Sophia Lee)
- Local- and foreign-currency long-term deposit
ratings of A3 affirmed with a negative outlook
- Local- and foreign-currency short-term deposit
ratings of P-2 affirmed
- Long-term and short-term Counterparty Risk Assessment
of A2(cr) and P-1(cr) affirmed
- Baseline credit assessment and adjusted baseline credit assessment
of baa3 affirmed
- Outlook is maintained at negative
Kyongnam Bank (Lead Analyst: Hyun Hee Park)
- Long-term deposit rating (Foreign currency and Local currency)
of A2 affirmed with negative outlook
- Short-term deposit rating of P-1 affirmed
- Long-term / Short-term counterparty risk assessment
of A1(cr)/P-1(cr) affirmed
- Baseline credit assessment of baa3 and adjusted baseline credit
assessment of baa1 affirmed
- Outlook changed to negative from stable
NongHyup Bank (Lead Analyst: Sophia Lee)
- Long-term foreign currency deposit rating of A1 affirmed
with a stable outlook
- Foreign currency senior unsecured rating of A1 affirmed with
a stable outlook
- Foreign currency senior unsecured MTN rating of (P)A1 affirmed
- Long-term foreign currency issuer rating of A1 affirmed
with a stable outlook
- Short-term foreign currency deposit rating of P-1
affirmed
- Foreign currency commercial paper rating of P-1 affirmed
- Long-term and short-term Counterparty Risk Assessment
of Aa3(cr) and P-1(cr) affirmed
- Baseline credit assessment and adjusted baseline credit assessment
of baa3 affirmed
- Outlook is maintained at stable
Shinhan Bank (Lead Analyst: Hyun Hee Park)
- Foreign currency long-term deposit rating of Aa3 affirmed
with a negative outlook;
- Foreign currency long-term senior unsecured debt rating
of Aa3 affirmed with a negative outlook;
- Foreign currency senior unsecured MTN of (P)Aa3 affirmed
- Foreign currency subordinated/junior subordinated MTN of (P)A3/(P)Baa1
affirmed
- Foreign currency subordinated rating of Baa1(hyb) affirmed
- Foreign currency preferred stock non-cumulative of Baa3(hyb)
affirmed
- Foreign currency short-term bank deposit rating of P-1
affirmed
- Other short-term rating of (P)P-1 affirmed
- Commercial paper of P-1 affirmed
- Long-term / Short-term counterparty risk assessment
of Aa3(cr)/P-1(cr) affirmed
- Baseline credit assessment and adjusted baseline credit assessment
of a3 affirmed
- Outlook is changed to negative from stable
Shinhan Bank, New York Branch -
- Local currency long-term and short-term deposit
note/CD program of (P)Aa3/P-1 affirmed
- Local currency commercial paper rating of P-1 affirmed
- Counterparty risk assessment of Aa3(cr)/P-1(cr) affirmed
- Outlook is changed to negative from stable
Shinhan Bank, Hong Kong Branch -
- Foreign currency long-term deposit note/CD program rating
of (P)Aa3 affirmed
- Foreign currency long-term deposit note/CD program rating
of Aa3 affirmed with negative outlook
- Foreign currency short-term deposit note/CD program rating
of (P)P-1 affirmed
- Outlook is changed to negative from stable
Standard Chartered Bank Korea Limited (Lead Analyst: Sophia Lee)
- Local- and foreign-currency long-term deposit
ratings of A1 affirmed with a negative outlook
- Foreign currency senior unsecured MTN rating of (P)A1 affirmed
- Local- and foreign-currency short-term deposit
ratings of P-1 affirmed
- Foreign currency commercial paper and other short-term
ratings of P-1/(P)P-1 affirmed
- Long-term and short-term Counterparty Risk Assessment
of A1(cr) and P-1(cr) affirmed
- Baseline credit assessment of baa2, and adjusted baseline
credit assessment of a3 affirmed
- Outlook is maintained at negative
Suhyup Bank (Lead Analyst: Sophia Lee)
- Local and foreign currency long-term deposit ratings of
A2 affirmed with a stable outlook
- Foreign currency senior unsecured rating of A2 affirmed with
a stable outlook
- Foreign currency senior unsecured MTN rating of (P)A2 affirmed
- Foreign currency subordinated MTN rating of (P)A3 affirmed
- Local and foreign currency short-term deposit rating of
P-1 affirmed
- Foreign currency other short-term rating of (P)P-1
affirmed
- Long-term and short-term Counterparty Risk Assessment
of A1(cr) and P-1(cr) affirmed
-Baseline credit assessment and adjusted baseline credit assessment
of ba3 affirmed
- Outlook is maintained at stable
Woori Bank (Lead Analyst: Sophia Lee)
- Foreign currency long-term deposit rating downgraded to
A2 from A1 with a negative outlook
- Foreign currency senior unsecured rating downgraded to A2 from
A1 with a negative outlook
- Foreign currency senior unsecured MTN rating downgraded to (P)A2
from (P)A1
- Foreign currency Basel III compliant subordinated MTN rating
downgraded to (P)Ba1 from (P)Baa3
- Foreign currency Basel III compliant subordinated debt rating
downgraded to Ba1(hyb) from Baa3(hyb)
- Foreign currency Basel II subordinated debt rating downgraded
to Baa2 from Baa1
- Foreign currency preference stock non-cumulative rating
downgraded to Ba3(hyb) from Ba2(hyb)
- Short-term foreign currency deposit rating of P-1
affirmed
- Short-term foreign currency commercial paper/other short-term
ratings of P-1/(P)P-1 affirmed
- Long-term Counterparty Risk Assessment downgraded to A1(cr)
from Aa3(cr)
- Short-term Counterparty Risk Assessment of P-1(cr)
affirmed
-Baseline credit assessment and adjusted baseline credit assessment
downgraded to baa3 from baa2
- Outlook is maintained at negative
Woori Bank, London Branch
- Short-term foreign currency commercial paper rating of
P-1 affirmed
- Short-term Counterparty Risk Assessment of P-1(cr)
affirmed
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt,
this announcement provides certain regulatory disclosures in relation
to each rating of a subsequently issued bond or note of the same series
or category/class of debt or pursuant to a program for which the ratings
are derived exclusively from existing ratings in accordance with Moody's
rating practices. For ratings issued on a support provider,
this announcement provides certain regulatory disclosures in relation
to the credit rating action on the support provider and in relation to
each particular credit rating action for securities that derive their
credit ratings from the support provider's credit rating.
For provisional ratings, this announcement provides certain regulatory
disclosures in relation to the provisional rating assigned, and
in relation to a definitive rating that may be assigned subsequent to
the final issuance of the debt, in each case where the transaction
structure and terms have not changed prior to the assignment of the definitive
rating in a manner that would have affected the rating. For further
information please see the ratings tab on the issuer/entity page for the
respective issuer on www.moodys.com.
For any affected securities or rated entities receiving direct credit
support from the primary entity(ies) of this credit rating action,
and whose ratings may change as a result of this credit rating action,
the associated regulatory disclosures will be those of the guarantor entity.
Exceptions to this approach exist for the following disclosures,
if applicable to jurisdiction: Ancillary Services, Disclosure
to rated entity, Disclosure from rated entity.
The below contact information is provided for information purposes only.
Please see the ratings tab of the issuer page at www.moodys.com,
for each of the ratings covered, Moody's disclosures on the
lead analyst and the Moody's legal entity that has issued the ratings.
Regulatory disclosures contained in this press release apply to the credit
rating and, if applicable, the related rating outlook or rating
review.
Please see www.moodys.com for any updates on changes to
the lead rating analyst and to the Moody's legal entity that has issued
the rating.
Please see the ratings tab on the issuer/entity page on www.moodys.com
for additional regulatory disclosures for each credit rating.
The first name below is the lead rating analyst for this Credit Rating
and the last name below is the person primarily responsible for approving
this Credit Rating.
Sophia Lee
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077
Graeme Knowd
MD - Banking
Financial Institutions Group
JOURNALISTS: 813-5408-4110
SUBSCRIBERS: 813-5408-4100
Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077
Moody's revises outlook of five Korean banks to negative; downgrades Woori Bank
