SOUTH KOREA: CREDIT RATINGS OF KORAM BANK RAISED.

(From InfoProd)

Moody's Investors Service has raised KorAm Bank's credit ratings: subordinated debt to A3 from Ba1 and long-term/short term deposit to A3/Prime-2 from Baa3/Prime-3. The revised ratings carry a stable outlook. At the same time, the rating agency confirmed the D bank financial strength rating (BFSR) but revised the outlook to positive from stable. These rating actions conclude a review initiated on February 23, 2004, following Citigroup's (rated Aa1/P-1) announcement that it would acquire KorAm Bank. The upgraded credit ratings is underpinned by expected strong support from Citibank. The backing of a strategic investor -- as opposed to a financial …