Moody's cuts Korean bank hybrids

Moody's Investors Service said it downgraded the ratings on certain Korean banks' hybrid securities in line with revised guidelines for rating bank hybrids and subordinated debt.

The agency said it downgraded the non-cumulative hybrid tier 1 securities and cumulative junior subordinated debt (upper tier 2) ratings of the medium-term note programs of Shinhan Bank to Ba1 from A3, Standard Chartered First Bank to Baa1 from A3 and Woori Bank to A3 from A2 on junior subordinated debt and Ba2 from A3 on hybrid tier 1 debt.

The agency also said it confirmed the cumulative junior subordinated debt (upper tier 2) ratings of the medium-term note programs of Hana Bank at A2, Industrial Bank of Korea at A2, Kookmin Bank at A2, National Agricultural Cooperative Federation at A2, Shinhan Bank at A2 and Suhyup Bank at A3.

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