Moody's Reviews Downgrade of Credit Ratings for Four Regional Banks in Korea
Gyeongnam Bank, Daegu Bank, Busan Bank, Jeju Bank, etc.
[Asia Economy Reporter Kim Eunbyeol] Global credit rating agency Moody's has placed four regional banks in South Korea under review for a possible credit rating downgrade.
On the 24th (local time), Moody's Investors Service announced, "We are placing Gyeongnam Bank, Daegu Bank, Busan Bank, and Jeju Bank under review for a potential credit rating downgrade."
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Moody's explained that this credit rating review reflects expectations that South Korea's economic growth rate will decline due to the novel coronavirus disease (COVID-19), and that the impact of COVID-19 is expected to be deep and significant, which could deteriorate the quality of the banks' credit ratings.
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