S&P ups KEB credit ratings

Standard & Poor's raised its credit ratings on Korea Exchange Bank to BBB-/A-3 from BB+/B. The outlook on the long-term rating is stable.

S&P said the upgrade is based on the expectation that the bank will reduce its credit risks and the new management team's strategic focus will shift away from asset growth toward profitability.

S&P said the bank's exposure to some large corporations and small-to-mid-size entities remains a challenge for the bank, but the current level of risk should be manageable unless Korea's export industry or domestic consumption encounters major problems.

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