S&P rates Korea Exchange Bank notes BB+

Standard & Poor's said it assigned its BB+ rating to Korea Exchange Bank's (BBB-/stable/A-3) new $300 million 10-year lower Tier II subordinated notes due 2015.

S&P said the rating on Korea Exchange Bank reflects its competitive position in its trade finance and foreign exchange business, and the focus of its new management team on improving efficiency and managing risk.

Factors constraining the rating, the agency said, include the bank's mediocre capital adequacy, its relatively weak market position and uncertainty over how its shareholder structure may change in the next few years.

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