26.12.2013 03:27:00
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NongHyup Bank -- Moody's: Potential acquisition of Woori Investment & Securities is credit negative for both NongHyup Bank and WIS
Hong Kong, December 26, 2013 -- Moody's Investors Service says that the announcement on 24 December by Woori Finance Holdings Co., Ltd. (WFH, unrated) that NongHyup Financial Group Inc. (NH FG, unrated) is the preferred bidder to acquire Woori Investment & Securities Co Ltd (WIS, Baa2/P-2 negative), is credit negative for both NongHyup Bank (NH Bank, A1/P-1 stable, D+/baa3 stable) and WIS. As such, Moody's will examine the impact of the proposed acquisition on the credit profiles of both companies.
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