Fitch ups Korea banks view to stable

Fitch Ratings said it revised the outlooks to stable from negative on the long-term foreign-currency issuer default ratings of various Korean financial institutions. The ratings also were affirmed, including Kookmin Bank's A+ rating, Shinhan Bank's A rating, Woori Bank's A- rating, Hana Bank's A- rating, Korea Exchange Bank's A- rating, Busan Bank's BBB+ rating, Kyongnam Bank's BBB+ rating, Kwangju Bank's BBB+ rating, Jeju Bank's BBB+ rating, Woori Finance Holdings' BBB+ rating, Woori Investment & Securities Co. Ltd.'s BBB+ rating, Korea Investment & Securities Co., Ltd.'s BBB rating, Korea Investment Holdings Co. Ltd.'s BBB rating and Hyundai Card Co., Ltd.'s BBB rating.

Shinhan Card Co.'s long-term foreign-currency issuer default rating was upgraded to A- from BBB+ with a stable outlook, the agency said.

Fitch also said it affirmed Standard Chartered First Bank's long-term issuer default rating at A with a stable outlook; and Citibank Korea Inc.'s long-term issuer default rating at A with a stable outlook.

South Korea's banking business environment has turned out to be much better than expected following Lehman Brothers' collapse last year, Fitch said. This is on the back of stabilizing global capital markets from March 2009, continued strong growth in China and improved price competitiveness for Korean products due to the depreciation of the won, the agency said.

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