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