Moody’s upgrades NongHyup Bank’s ratings to Aa3

[Courtesy of NongHyup Bank]

Global credit rating agency Moody’s Corporation upgraded NongHyup Bank’s ratings to Aa3 from A1, according to the South Korean agricultural bank on Sunday.

Moody’s said in the announcement that the upgrade was a decision made based on evaluation factors such as the bank’s robust asset performance and its recent management of credit risk after portfolio changes toward secured loans. The ratings agency provided an outlook that the bank’s nonperforming loan (NPL) provision coverage would remain high.

NongHyup Bank chief executive Lee Seok-yong welcomed the news, saying, “The upgrade suggests Moody’s recognition for our efforts in maintaining strong performance even in tougher financial conditions.”