On February 9, Moody's credit rating agency adjusted the ratings of foreign currency long-term debts of eight Korean banks to the level of Korea's sovereign credit rating (A2): Hana Bank, IBK, KEXIM, Kookmin Bank, KDB, NACF, Shinhan Bank and Woori Bank. This is a follow-up action on Moody's earlier announcement (January 15) of its plan to review Korean banks' foreign debt ratings.

It should be noted that this rating adjustment reflects the change in Moody's method of rating banks' credit rating, and not any deterioration in Korean banks' creditworthiness or in their external funding status, which remain the same.

* Please refer to the attached PDF for details.