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

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

  • ID: 1831077
  • June 2009
  • Standard & Poors

Abstract
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

Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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