Moody's rates Chohung notes Baa2

Moody's Investors Service said it assigned a prospective Baa2 rating to Chohung Bank's proposed $400 million subordinated notes due 2014, which will comprise $200 million each in lower tier II and upper tier II securities.

The rating is underpinned by the subordinated status of the notes and the bank's moderate capability to service its debt obligations, given its modest financial fundamentals, as reflected in its D- bank financial strength rating. The outlook for the prospective Baa2 rating is stable.

Chohung Bank's other ratings are senior debt of Baa1; long-term/short-term deposit of Baa1/Prime-2; and bank financial strength rating of D-. All ratings carry a stable outlook.

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