In March 2009, Fitch, one of the largest credit rating companies in the world, reported the South Korea special report (Stress Test on South Korea Bank). On certain conditions, this report said that major banks’ combined equity‐to‐assets ratio declines to 4.0% from 6.4, major banks’ capitalization declines by about KRW42trn. After the report announced, the overall mood in South Korea’s banks is welling up their various opinions including civil action, because the report declines their rating. Researching, however, a legal nature of Credit rating and stress test is a precondition for finding a counterplan – especially civil action - of the South Korea’s banks. Therefore, this paper proceeds as fallows. PartⅡ provides background information about credit rating and gives a brief history, a legal nature of credit rating. PartⅢ considers a nature of the stress test and appraises some legal problems about performing stress test - Can the Fitch perform stress test? Can the Fitch announce the special report? Etc- and extends probability of civil action. PartⅥ concludes.
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