Moody's lifts Daegu Bank

Moody's Investors Service said it upgraded to Baa2/P-2 from Baa3/P-3 the long- and short-term deposit ratings of Daegu Bank and the outlook is stable.

The bank financial strength rating of Daegu Bank has been upgraded to D from D- and the outlook is positive, the agency said.

The upgrade of the long-term deposit rating reflects Moody's view that the bank will be able to enjoy higher levels of systemic support, as a result of its success in maintaining its strong market position in its region despite the ongoing consolidation of major commercial banks in Korea.

The upgrade is underpinned by sustained improvements in Daegu Bank's asset quality, the bank's demonstrated ability to maintain its strong local market share of deposits and loans, good profitability and a strong capital base, Moody's added.

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