Moody's affirms Standard Chartered

Moody's Investors Service said it affirmed all the ratings of Standard Chartered Bank Korea Ltd.

The affected ratings are the A1 long-term global local and foreign currency deposit ratings; provisional A2 foreign currency subordinated debt rating; provisional A3 foreign currency junior subordinated deb ratingt; C- bank financial strength rating, mapping to Baa2 on the long-term scale; and Prime-1 short-term rating.

The outlook on the long-term ratings remains negative.

"The ratings affirmation reflects SCBK's financial strength, which helped it to weather the negative impact of prolonged labor disputes over the past year and lingering uncertainty over the progress of talks on a performance-based pay system between management and the labor union," Moody's analyst Hyun Hee Park said in a news release.

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