Korean Shinhan Bank's Sub Notes Rated 'BBB-' Jul 05

  • ID: 1831172
  • July 2005
  • Standard & Poors
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  • Shinhan Bank
  • Shinhan Bank (Old)
  • MORE

TOKYO (Standard & Poor's) July 6, 2005--Standard & Poor's Ratings Services today assigned its 'BBB-' rating to Shinhan Bank's (BBB+/Stable/A-2) proposed US$350 million Upper Tier II subordinated notes. The proposed notes are scheduled to be drawn down from the bank's US$3 billion global medium-term note program. The two-notch difference between the counterparty rating on the bank and the rating on the proposed notes reflects the deferability of the notes' coupon payments, other terms and conditions of the issuance, and the overall financial status of the bank. The securities have optional and mandatory conditions that either allow or obligate the bank to defer interest payments, which makes these notes different from ordinary subordinated debt carrying no deferral clause. If Shinhan's BIS...

Companies mentioned in this report are:
- Shinhan Bank (Old)
- Shinhan Bank

Action: New Rating

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- Shinhan Bank (Old)
- Shinhan Bank

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