Jeonbuk Bank and Gwangju Bank, affiliates of JB Financial Group, announced on July 29 that rating agency Moody's has upgraded Jeonbuk Bank and Gwangju Bank's credit rating outlook to positive from stable while maintaining their credit rating 'A3'.
"Jeonbuk Bank and Gwangju Bank have steadily achieved good financial performance and maintained stable capital adequacy ratio with profitability-oriented growth strategies, raising their credit rating outlook," said Moody's.
Moody's explained that it has raised their outlook thanks to reasons such as improvement in asset quality thanks to the strengthening of risk management, sufficient capital adequacy, stable financing and liquidity in the savings & deposits sector, and possibility of government support thanks to the importance of the local economy.
"Jeonbuk Bank and Gwangju Bank will continue to make efforts to strengthen the group's international credibility in the future," said an official at JB Financial Group.
