April 19, 2024

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NH NongHyup Bank (NH Financial Group)

Global ratings firm Moody’s on June 22 raised its rating outlook for South Korean lender NH NongHyup Bank from stable to positive, while maintaining the firm’s ratings at A1.

“The upgrade reflects our expectation that the bank’s asset soundness and capital adequacy as well as improved profitability will remain solid over the next 12-18 months,” Moody’s said in a statement.

Meanwhile, Moody’s revised up the ratings of NH Investment & Securities to A3 from Baa1, with its ratings outlook remaining stable.

“The improved ratings of NH Investment & Securities take into account a possibility that NH Financial Group will increase its investments in the brokerage firm through its banking unit NH NongHyup Bank since the lender received higher credit ratings,” the agency said.

By Choi Jae-hee (cjh@heraldcorp.com)