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Seven Korean Financial Institutions On Watch Negative On Foreign Currency Liquidity Pressure Oct 08
Standard & Poors, October 2008
HONG KONG (Standard & Poor's) Oct. 15, 2008--Standard & Poor's Ratings Services today placed its counterparty credit ratings on Kookmin Bank, Woori Bank, Shinhan Bank, Hana Bank, and Korea Exchange Bank on CreditWatch with negative implications, mainly due to the banks' ongoing foreign currency funding pressures and the likely challenges to their asset quality and profitability. At the same time, Standard & Poor's placed its counterparty credit ratings on Woori Finance Holdings Co. Ltd. and Shinhan Card Co. Ltd. on CreditWatch with negative implications, given that the companies' credit profiles are largely dependent on the consolidated credit profiles of their respective groups. The CreditWatch placements reflect a more than 50% chance that the global liquidity squeeze could threaten Korean banks'...
Companies mentioned in this report are: Kookmin Bank,Korea Exchange Bank,Shinhan Bank,Woori Bank,Shinhan Card Co. Ltd.,Hana Bank,Hana Funding Ltd.,Woori Finance Holdings Co. Ltd.
Action: On CreditWatch:Negative
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.
Kookmin Bank,Korea Exchange Bank,Shinhan Bank,Woori Bank,Shinhan Card Co. Ltd.,Hana Bank,Hana Funding Ltd.,Woori Finance Holdings Co. Ltd.