Moody's Upgrades Hana Bank's Credit Rating to Aa3

Rating Outlook Also Adjusted to 'Stable'

International credit rating agency Moody's has upgraded Hana Bank's credit rating by one notch to 'Aa3'.

Hana Bank announced on the 18th that it received a long-term credit rating upgrade from Moody's, one of the world's top three credit rating agencies, from the previous 'A1' to 'Aa3'. Its standalone credit rating also rose from 'Baa1' to 'a3', and the rating outlook was revised to 'stable'.

Moody's cited the following reasons for the upgrade: ▲ improvement in funding structure due to reduced reliance on market-based funding and enhanced quality of deposits through an increased proportion of retail deposits ▲ improvement in asset quality and stability through loan portfolio adjustments ▲ improvement in solvency based on strengthened capital adequacy.

Additionally, Moody's expects Hana Bank's liquidity and profitability to remain stable at current levels and its strengthened capital adequacy to be sustained going forward.

A Hana Bank official said, "This credit rating upgrade is an evaluation that contrasts with the downgrades of overseas financial institutions amid challenging domestic and international economic conditions," adding, "It is expected to have positive effects such as increased external credibility and reduced funding costs for Hana Bank, as well as serve as an opportunity for the bank's overseas competitiveness to advance to the next level."

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