April 27, 2020 / 3:11 AM / a month ago

BRIEF-Fitch Ratings Says Korean Banks' Intrinsic Profiles Under Pressure From Coronavirus Shock

April 26 (Reuters) - FITCH:

* KOREAN BANKS’ INTRINSIC PROFILES UNDER PRESSURE FROM CORONAVIRUS SHOCK

* EXPECTS OVERALL MACROECONOMIC SHOCK THIS TIME WOULD BE WORSE THAN WHAT KOREA HAS EXPERIENCED DURING GLOBAL FINANCIAL CRISIS

* ASSESSMENT OF INTRINSIC CREDITWORTHINESS OF SOUTH KOREA’S FOUR LARGE COMMERCIAL BANKS HAS TURNED NEGATIVE

* FORECASTS KOREA’S GDP TO CONTRACT BY 1.2% IN 2020 AND RETURN TO GROWTH OF 4% IN 2021

* EXPECT KOREA’S BANKING SYSTEM TO BE ‘LESS AFFECTED’ BY CORONAVIRUS PANDEMIC Source text for Eikon:

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