Moody's ups eight Korean banks to positive

Moody's Investors Service said it revised the outlook on the long-term debt and deposit ratings of eight Korean institutions to positive from stable, including Citibank Korea Inc., Export-Import Bank of Korea, Industrial Bank of Korea, Kookmin Bank, Korea Development Bank, Korea Rail Network Authority, National Agricultural Cooperative Federation and Suhyup Bank.

This action follows the change in South Korea's outlook to positive from stable and is based on the support provided to the banks by the sovereign.

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