영상
영국 신용평가사 피치(Fitch Ratings)는 13일 한국 은행들에 대한 기존 발행자 신용등급을 그대로 유지한다고 발표하고, 다만 이들 은행의 등급 전망은 한국의 국가신용등급에 부여된 부정적 등급 전망을 반영해 역시 '부정적'으로 제시한다고 밝혔다.
또 피치는 최근 발표한 "한국 은행들에 대한 스트레스 테스트" 보고서에서 향후 2년간 한국 은행들에 가해질 충격 가능성을 검토한 결과 무수익여신과 신용 비용이 상승할 것으로 예상되었으나 과거 아시아 금융 위기 때와 비교하면 훨씬 더 작은 편으로 보인다고 덧붙였다.
한편 피치는 개별 은행에 대해 신종 하이브리드채권에 대한 등급을 하향조정했다고 밝혔다.
다음은 피치사의 이날 발표문 원문이다.
Fitch Affirms Issuer Default Ratings on Korean Banks; Lowers Hybrid Ratings
13 Mar 2009 4:32 AM (EDT)
Fitch Ratings-Seoul/Hong Kong/Singapore-13 March 2009: Fitch Ratings has today affirmed its Issuer Default Ratings (IDRs) and Support ratings on Korean banks given their still generally adequate financial positions and strong government support. IDRs are Fitch's key rating for assessing default risk on deposits and senior debt issued by banks. The banks' IDRs are on Negative Outlook, reflecting the more challenging economic environment and the Negative Outlook assigned to the sovereign rating of Korea.
In a report just published (titled "Stress Test on South Korean Banks"), Fitch has assessed the possible impact on Korean banks over the next two years amid a harsh economic environment that is likely to give rise to increased NPLs and credit costs; although Fitch expects these to be on a much smaller scale than during the Asian economic crisis. The agency estimates that Korean banks may over time require somewhat more capital than the government's planned injection of KRW20trn (in the form of subordinated and hybrid debt), although this is also dependent upon other measures being taken by the government including the purchase of problematic assets from the banks and the guaranteeing of some of their SME loans, as well as a fiscal stimulus program comprising substantial tax cuts and infrastructure and other spending.
The agency concludes that while the Korean banking sector will report poor profitability in 2009 and probably 2010, it should remain comfortably solvent. Fitch expects capital support from the government to arise if required to keep the banks well capitalised and also be able to lend.
In light of the more challenging economic conditions and the consequently weaker performance outlook for the banks, Fitch has lowered its Individual ratings on most of the Korean banks it rates. Individual ratings assess the stand-alone financial strength of a bank, excluding the potential for support. Fitch's ratings on hybrid debt securities have also been lowered given that a bank's ability to pay coupons on these is linked to its own stand-alone performance to a greater extent than is the case for senior debt and deposits - which Fitch expects to benefit more fully from government support. A full list of the ratings and changes thereto is detailed below.
Kookmin Bank:
Foreign Currency Long-term IDR: affirmed at 'A+' with Negative Outlook
Individual rating: downgraded to 'B/C' from 'B'
Support rating: affirmed at '1'
Support Rating Floor: affirmed at 'A'
Foreign Currency Short-term IDR: affirmed at 'F1'
Shinhan Bank:
Foreign Currency Long-term IDR: affirmed at 'A' with Negative Outlook
Individual rating: downgraded to 'B/C' from 'B'
Support rating: affirmed at '1'
Support Rating Floor: affirmed at 'A-' (A minus)
Subordinated Debt: affirmed at 'A-' (A minus)
Hybrid Capital Instrument: downgraded to 'BBB+' from 'A-' (A minus)
Foreign Currency Short-term IDR: affirmed at 'F1'
Woori Bank:
Foreign Currency Long-term IDR: affirmed at 'A-' (A minus) with Negative Outlook
Individual rating: downgraded to 'C' from 'B/C'
Support rating: affirmed at '1'
Support Rating Floor: affirmed at 'A-' (A minus)
Subordinated Debt: affirmed at 'BBB+'
Hybrid Capital Instrument: downgraded to 'BBB-' (BBB minus) from 'BBB+'
Foreign Currency Short-term IDR: affirmed at 'F2'
Hana Bank:
Foreign Currency Long-term IDR: affirmed at 'A-' (A minus) with Negative Outlook
Individual rating: downgraded to 'C' from 'B/C'
Support rating: affirmed at '1'
Support Rating Floor: affirmed at 'A-' (A minus)
Subordinated Debt: affirmed at 'BBB+'
Hybrid Capital Instrument/Preferred Stock: downgraded to 'BBB-' (BBB minus) from 'BBB+'
Foreign Currency Short-term IDR: affirmed at 'F2'
Korea Exchange Bank:
Foreign Currency Long-term IDR: affirmed at 'A-' (A minus) with Negative Outlook
Individual rating: downgraded to 'C' from 'B/C'
Support rating: affirmed at '2'
Support Rating Floor: affirmed at 'BBB+'
Subordinated Debt: affirmed at 'BBB+'
Foreign Currency Short-term IDR: affirmed at 'F2'
Standard Chartered First Bank:
Foreign Currency Long-term IDR: affirmed at 'A' with Stable Outlook
Individual rating: affirmed at 'C'
Support Rating: affirmed at '1'
Subordinated Debt: affirmed at 'A-' (A minus)
Hybrid Capital Instrument: downgraded to 'BBB+' from 'A-' (A minus)
Foreign Currency Short-term IDR: affirmed at 'F1'
Citibank Korea Inc.:
Foreign Currency Long-term IDR: affirmed at 'A+' with Stable Outlook
Individual rating: downgraded to 'C' from 'B/C'
Support rating: affirmed at '1'
Subordinated Debt: affirmed at 'A'
Foreign Currency Short-term IDR: affirmed at 'F1+'
Pusan Bank:
Foreign Currency Long-term IDR: affirmed at 'BBB+' with Negative Outlook
Individual rating: downgraded to 'C' from 'B/C'
Support rating: affirmed at '2'
Support Rating Floor: affirmed at 'BBB'
Subordinated Debt: affirmed at 'BBB'
Foreign Currency Short-term IDR: affirmed at 'F2'
Daegu Bank:
Individual rating: downgraded to 'C' from 'B/C'
Support rating: affirmed at '2'
Kyongnam Bank:
Foreign Currency Long-term IDR: affirmed at 'BBB+' with Negative Outlook
Individual rating: downgraded to 'C/D' from 'C'
Support rating: affirmed at '2'
Support Rating Floor: affirmed at 'BBB'
Foreign Currency Short-term IDR: affirmed at 'F2'
Kwangju Bank:
Foreign Currency Long-term IDR: 'BBB+' with Negative Outlook
Individual rating: downgraded to 'C/D' from 'C'
Support Rating: affirmed at '2'
Support Rating Floor: affirmed at 'BBB'
Foreign Currency Short-term IDR: affirmed at 'F2'
Jeju Bank:
Foreign Currency Long-term IDR: affirmed at 'BBB+' with Negative Outlook
Individual rating: affirmed at 'C/D'
Support Rating: affirmed at '2'
Foreign Currency Short-term IDR: affirmed at 'F2'
Korea Development Bank:
Foreign Currency Long-term IDR: affirmed at 'A+' with Negative Outlook
Support rating: affirmed at '1'
Support Rating Floor: affirmed at 'A+'
Foreign Currency Short-term IDR: affirmed at 'F1'
Export-Import Bank of Korea:
Foreign Currency Long-term IDR: affirmed at 'A+' with Negative Outlook
Local Currency Long-term IDR: affirmed at 'AA' with Negative Outlook
Support rating: affirmed at '1'
Support Rating Floor: affirmed at 'A+'
Foreign Currency Short-term IDR: affirmed at 'F1'
Industrial Bank of Korea:
Foreign Currency Long-term IDR: affirmed at 'A+' with Negative Outlook
Support rating: affirmed at '1'
Support Rating Floor: affirmed at 'A+'
Subordinate Debt: affirmed at 'A+'
Foreign Currency Short-term IDR: affirmed at 'F1'
National Agricultural Cooperative Federation:
Foreign Currency Long-term IDR: affirmed at 'A+' with Negative Outlook
Support rating: affirmed at '1'
Foreign Currency Short-term IDR: affirmed at 'F1'
Woori Financial Group:
Foreign Currency Long-term IDR: affirmed at 'BBB+' with Negative Outlook
Individual rating: downgraded to 'C' from 'B/C'
Support rating: affirmed at '5'
Foreign Currency Short-term IDR: affirmed at 'F2'.
또 피치는 최근 발표한 "한국 은행들에 대한 스트레스 테스트" 보고서에서 향후 2년간 한국 은행들에 가해질 충격 가능성을 검토한 결과 무수익여신과 신용 비용이 상승할 것으로 예상되었으나 과거 아시아 금융 위기 때와 비교하면 훨씬 더 작은 편으로 보인다고 덧붙였다.
한편 피치는 개별 은행에 대해 신종 하이브리드채권에 대한 등급을 하향조정했다고 밝혔다.
다음은 피치사의 이날 발표문 원문이다.
Fitch Affirms Issuer Default Ratings on Korean Banks; Lowers Hybrid Ratings
13 Mar 2009 4:32 AM (EDT)
Fitch Ratings-Seoul/Hong Kong/Singapore-13 March 2009: Fitch Ratings has today affirmed its Issuer Default Ratings (IDRs) and Support ratings on Korean banks given their still generally adequate financial positions and strong government support. IDRs are Fitch's key rating for assessing default risk on deposits and senior debt issued by banks. The banks' IDRs are on Negative Outlook, reflecting the more challenging economic environment and the Negative Outlook assigned to the sovereign rating of Korea.
In a report just published (titled "Stress Test on South Korean Banks"), Fitch has assessed the possible impact on Korean banks over the next two years amid a harsh economic environment that is likely to give rise to increased NPLs and credit costs; although Fitch expects these to be on a much smaller scale than during the Asian economic crisis. The agency estimates that Korean banks may over time require somewhat more capital than the government's planned injection of KRW20trn (in the form of subordinated and hybrid debt), although this is also dependent upon other measures being taken by the government including the purchase of problematic assets from the banks and the guaranteeing of some of their SME loans, as well as a fiscal stimulus program comprising substantial tax cuts and infrastructure and other spending.
The agency concludes that while the Korean banking sector will report poor profitability in 2009 and probably 2010, it should remain comfortably solvent. Fitch expects capital support from the government to arise if required to keep the banks well capitalised and also be able to lend.
In light of the more challenging economic conditions and the consequently weaker performance outlook for the banks, Fitch has lowered its Individual ratings on most of the Korean banks it rates. Individual ratings assess the stand-alone financial strength of a bank, excluding the potential for support. Fitch's ratings on hybrid debt securities have also been lowered given that a bank's ability to pay coupons on these is linked to its own stand-alone performance to a greater extent than is the case for senior debt and deposits - which Fitch expects to benefit more fully from government support. A full list of the ratings and changes thereto is detailed below.
Kookmin Bank:
Foreign Currency Long-term IDR: affirmed at 'A+' with Negative Outlook
Individual rating: downgraded to 'B/C' from 'B'
Support rating: affirmed at '1'
Support Rating Floor: affirmed at 'A'
Foreign Currency Short-term IDR: affirmed at 'F1'
Shinhan Bank:
Foreign Currency Long-term IDR: affirmed at 'A' with Negative Outlook
Individual rating: downgraded to 'B/C' from 'B'
Support rating: affirmed at '1'
Support Rating Floor: affirmed at 'A-' (A minus)
Subordinated Debt: affirmed at 'A-' (A minus)
Hybrid Capital Instrument: downgraded to 'BBB+' from 'A-' (A minus)
Foreign Currency Short-term IDR: affirmed at 'F1'
Woori Bank:
Foreign Currency Long-term IDR: affirmed at 'A-' (A minus) with Negative Outlook
Individual rating: downgraded to 'C' from 'B/C'
Support rating: affirmed at '1'
Support Rating Floor: affirmed at 'A-' (A minus)
Subordinated Debt: affirmed at 'BBB+'
Hybrid Capital Instrument: downgraded to 'BBB-' (BBB minus) from 'BBB+'
Foreign Currency Short-term IDR: affirmed at 'F2'
Hana Bank:
Foreign Currency Long-term IDR: affirmed at 'A-' (A minus) with Negative Outlook
Individual rating: downgraded to 'C' from 'B/C'
Support rating: affirmed at '1'
Support Rating Floor: affirmed at 'A-' (A minus)
Subordinated Debt: affirmed at 'BBB+'
Hybrid Capital Instrument/Preferred Stock: downgraded to 'BBB-' (BBB minus) from 'BBB+'
Foreign Currency Short-term IDR: affirmed at 'F2'
Korea Exchange Bank:
Foreign Currency Long-term IDR: affirmed at 'A-' (A minus) with Negative Outlook
Individual rating: downgraded to 'C' from 'B/C'
Support rating: affirmed at '2'
Support Rating Floor: affirmed at 'BBB+'
Subordinated Debt: affirmed at 'BBB+'
Foreign Currency Short-term IDR: affirmed at 'F2'
Standard Chartered First Bank:
Foreign Currency Long-term IDR: affirmed at 'A' with Stable Outlook
Individual rating: affirmed at 'C'
Support Rating: affirmed at '1'
Subordinated Debt: affirmed at 'A-' (A minus)
Hybrid Capital Instrument: downgraded to 'BBB+' from 'A-' (A minus)
Foreign Currency Short-term IDR: affirmed at 'F1'
Citibank Korea Inc.:
Foreign Currency Long-term IDR: affirmed at 'A+' with Stable Outlook
Individual rating: downgraded to 'C' from 'B/C'
Support rating: affirmed at '1'
Subordinated Debt: affirmed at 'A'
Foreign Currency Short-term IDR: affirmed at 'F1+'
Pusan Bank:
Foreign Currency Long-term IDR: affirmed at 'BBB+' with Negative Outlook
Individual rating: downgraded to 'C' from 'B/C'
Support rating: affirmed at '2'
Support Rating Floor: affirmed at 'BBB'
Subordinated Debt: affirmed at 'BBB'
Foreign Currency Short-term IDR: affirmed at 'F2'
Daegu Bank:
Individual rating: downgraded to 'C' from 'B/C'
Support rating: affirmed at '2'
Kyongnam Bank:
Foreign Currency Long-term IDR: affirmed at 'BBB+' with Negative Outlook
Individual rating: downgraded to 'C/D' from 'C'
Support rating: affirmed at '2'
Support Rating Floor: affirmed at 'BBB'
Foreign Currency Short-term IDR: affirmed at 'F2'
Kwangju Bank:
Foreign Currency Long-term IDR: 'BBB+' with Negative Outlook
Individual rating: downgraded to 'C/D' from 'C'
Support Rating: affirmed at '2'
Support Rating Floor: affirmed at 'BBB'
Foreign Currency Short-term IDR: affirmed at 'F2'
Jeju Bank:
Foreign Currency Long-term IDR: affirmed at 'BBB+' with Negative Outlook
Individual rating: affirmed at 'C/D'
Support Rating: affirmed at '2'
Foreign Currency Short-term IDR: affirmed at 'F2'
Korea Development Bank:
Foreign Currency Long-term IDR: affirmed at 'A+' with Negative Outlook
Support rating: affirmed at '1'
Support Rating Floor: affirmed at 'A+'
Foreign Currency Short-term IDR: affirmed at 'F1'
Export-Import Bank of Korea:
Foreign Currency Long-term IDR: affirmed at 'A+' with Negative Outlook
Local Currency Long-term IDR: affirmed at 'AA' with Negative Outlook
Support rating: affirmed at '1'
Support Rating Floor: affirmed at 'A+'
Foreign Currency Short-term IDR: affirmed at 'F1'
Industrial Bank of Korea:
Foreign Currency Long-term IDR: affirmed at 'A+' with Negative Outlook
Support rating: affirmed at '1'
Support Rating Floor: affirmed at 'A+'
Subordinate Debt: affirmed at 'A+'
Foreign Currency Short-term IDR: affirmed at 'F1'
National Agricultural Cooperative Federation:
Foreign Currency Long-term IDR: affirmed at 'A+' with Negative Outlook
Support rating: affirmed at '1'
Foreign Currency Short-term IDR: affirmed at 'F1'
Woori Financial Group:
Foreign Currency Long-term IDR: affirmed at 'BBB+' with Negative Outlook
Individual rating: downgraded to 'C' from 'B/C'
Support rating: affirmed at '5'
Foreign Currency Short-term IDR: affirmed at 'F2'.
