Moody's ups Citibank Korea view to stable

Moody's Investors Service said it revised the outlook for Citibank Korea's C- bank financial strength rating to stable from negative. Its A2 global local- currency deposit rating is unaffected, along with its C- bank financial strength rating, Baa2 baseline credit assessment and A2/prime-1 foreign-currency long-term and short-term deposit ratings.

The outlook revision follows Moody's rating actions on Citigroup NA and its related entities.

The stable outlook on the parent bodes well for Citibank Korea, whose ratings were adversely affected by the previous deterioration in the creditworthiness of its parent, the agency said.

The pressures on the Korean franchise and its operating performance have eased with the stabilization of the parent's risk profile, Moody's added.

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