Hana Bank CEO Lee Seung-lyul

Fitch Ratings upgraded its rating on Hana Bank to A, up from A-, according to the bank, Friday.

The upgrade by one of the top three leading global credit rating agencies came in recognition of the bank's improvement in external credibility and competitiveness in the capital market. Also factored in was its medium-to-long-term earnings structure.

This is notable, since the assessment was based on the lender's ability without the support of its holding company, Hana Financial Group.

Fitch said the lender showed improvements in sustainable profitability, asset quality and capital adequacy.

Friday's upgrade elevates Hana's global credit ratings as among the highest of its peers. Moody's assigned a rating of Aa3, while S&P gave a rating of A+.

"The upgrade highlights our continued efforts despite global economic conditions," a Hana official said.