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Korean Credit Trends 2003: Positive Ratings Momentum Continues but Economic Reforms, Consumer Credit Emerge as Concerns Dec 03

  • ID: 1831151
  • December 2003
  • Standard & Poors
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  • GS Caltex Corp.
  • KCC Corp.
  • Kookmin Bank
  • Korea Expressway Corp.
  • KT Corp.
  • MORE

The credit quality of Korean entities rated by Standard & Poor's generally remained on a positive trend in 2003, with upgrades outpacing downgrades by 12 to three as of December 22. However, the degree of improvement decelerated compared with 2002, which saw 32 upgrades and no downgrades. Standard & Poor's currently maintains credit ratings on 45 Korean entities. It also rates 15 securitizations of Korean domiciled assets. Korea's sovereign rating was last raised to 'A-' for long-term foreign currency obligations in July 2002. The outlook on the rating is currently stable. The strongest concerns for the sovereign rating stem from North Korea, both from a geopolitical risk perspective and from the potential fiscal burden that would follow reunification. In addition,...

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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

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- KEB Hana Bank
- Korea Development Bank
- Korea Electric Power Corp.
- Korea (Republic of)
- Shinhan Bank (Old)
- Export-Import Bank of Korea
- KT Corp.
- Samsung Electronics Co. Ltd.
- Seoul Metropolitan Government
- Standard Chartered Bank Korea Ltd.
- GS Caltex Corp.
- SK Corp.
- Shinhan Bank
- Kookmin Bank
- SK Telecom Co. Ltd.
- Industrial Bank of Korea
- Hyundai Marine & Fire Insurance Co. Ltd.
- Hyundai Motor Co.
- Korean Reinsurance Co.
- LIG Insurance Co. Ltd.
- Meritz Fire & Marine Insurance Co. Ltd.
- Daegu Metropolitan City Government
- SK Hynix Inc.
- American Home Assurance Co. Korea Branch
- AIA International Ltd. Korea Branch
- Woori Bank
- Korea Deposit Insurance Corp.
- KCC Corp.
- Kia Motors Corp.
- KT&G Corp.
- Federal Insurance Co. Korea
- Korea Western Power Co. Ltd.
- Good Morning Shinhan Securities Co. Ltd.
- Korea Hydro & Nuclear Power Co. Ltd.
- Korea Southern Power Co. Ltd.
- Small Business Corp.
- Korea Exchange Bank Credit Service Co. Ltd.
- National Agricultural Cooperative Federation
- Korea East-West Power Co. Ltd.
- Korea Midland Power Co. Ltd.
- Korea Expressway Corp.
- Korea Gas Corp.
- Samsung Fire & Marine Insurance Co. Ltd.

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Note: Product cover images may vary from those shown