Shinhan Bank's Proposed Senior Unsecured Bonds Rated 'A-' Jun 09

  • ID: 1831077
  • June 2009
  • Standard & Poors
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HONG KONG (Standard & Poor's) June 22, 2009--Standard & Poor's Ratings Services today assigned its 'A-' rating to Shinhan Bank's (Shinhan; A-/Negative/A-2) proposed U.S. dollar-denominated three-year senior unsecured bonds. The rating on the unsecured debt is subject to final documentation. The ratings reflect Shinhan's strong position in the Korean financial market as the third-largest bank in Korea (foreign currency A/Stable/A-1; local currency A+/Stable/A-1) and the core operating subsidiary of Shinhan Financial Group (SFG). The ratings are also supported by SFG's relatively good revenue diversification in relation to other domestic banking groups, largely due to material revenue contributions from its subsidiary, Shinhan Card Co. Ltd. (BBB+/Negative/A-2), the largest credit card company in Korea. Positive factors for the ratings include the bank's...

Companies mentioned in this report are:
- Shinhan Bank

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- Shinhan Bank

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