Moody’s changes view on four Korean banks

Moody’s Investors Service said it changed the outlooks for Jeju Bank to stable and for three Korean banks to negative from under review and confirmed their ratings. The banks are Busan Bank, Daegu Bank, Ltd. and Kyongnam Bank.

For Jeju, the stable outlook reflects the support of the Shinhan Financial Group. “Furthermore, the operating environment of Jeju Bank has improved with a gradual recovery in domestic tourism to Jeju Island,” Moody’s said in a press release.

For the other three banks, the agency noted the outlooks reflect the potential “asset quality deterioration if domestic or global economic activity weakens beyond Moody’s current expectation.”

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