Moody's confirms Korea Exchange Bank

Moody's Investors Service said it confirmed Korea Exchange Bank's global local-currency deposit rating of A2 and foreign-currency senior/subordinated debt rating of of A2/A3.

The outlook is stable.

The action ends the review for possible upgrade that began in September 2007. Deadline extensions have delayed HSBC Asia Pacific Holdings Ltd.'s plans to buy a controlling 51.02% stake in the bank from Lone Star.

Although the agreement has not been officially terminated, Moody's said it is removing the upgrade review due to the prolonged and uncertain timeframe for the transaction to close, Moody's said.

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