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S Korean banks downgraded

RATINGS agency Moody&rsquo;s yesterday downgraded four of South Korea&rsquo;s major banks in a move that signals worsening economic strife for the country.<br /><br />Moody&rsquo;s pointed to rising bad loans and weak capital positions as the reason for the change. It said the banks had &ldquo;numerous and severe strains on their operating performances compared to other Asian banking systems.&rdquo;<br /><br />Moody&rsquo;s downgraded four banks, including South Korea&rsquo;s largest lender Kookmin, from C to C- with stable outlooks.