Fitch lifts four Korea banks

Fitch Ratings said it upgraded the long-term foreign-currency issuer default ratings to AA- from A+ on Korea's four policy financial institutions: Korea Finance Corp., Export-Import Bank of Korea (Kexim), Korea Development Bank and Industrial Bank of Korea.

The outlook is stable.

The agency also upgraded their short-term foreign-currency issuer default ratings to F1+ from F1.

Fitch also said it affirmed NongHyup Bank's long- and short-term foreign-currency issuer default ratings at A and F1, respectively.

The upgrades are triggered by the same action taken recently on South Korea's sovereign, Fitch said.

The four key financial institutions are equalized with South Korea's ratings due to the government's solvency guarantees for them, the agency said.

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