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BULLETIN: Korean Banks' Exposure to SK Global Mar 03
Standard & Poors, March 2003
Abstract
TOKYO (Standard & Poor's) March 13, 2003--Standard & Poor's Ratings Services said today that its ratings on Korean banks would not be immediately affected by their exposure to SK Global. Although a hike in credit costs due to revelations of massive hidden debts at SK Global, alongside growing concerns over household indebtedness, will further eat up the profits of Korean banks in 2003, most banks should be able to manage the increase. To date, the financial problems at SK Global are believed to have had a limited impact on affiliate companies of the chaebol. But, if the backlash from the financial markets becomes more evident and the contagion of liquidity risk emerges for the affiliates, the Korean banks will need...
Companies mentioned in this report are: Kookmin Bank,Korea Exchange Bank,Korea (Republic of),Shinhan Bank,Standard Chartered Bank Korea Ltd.,Shinhan Bank,Woori Bank,National Agricultural Cooperative Federation,Hana Bank
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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