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Korea's Shinhan Bank On Watch Negative On Purchase Bid For LG Card Aug 06
Standard & Poors, Aug 2006
Abstract
TOKYO (Standard & Poor's) Aug. 17, 2006--Standard & Poor's Ratings Services today placed its 'A-/A-2' counterparty credit ratings on Shinhan Bank on CreditWatch with negative implications due to the increased likelihood that its parent, Shinhan Financial Group (SFG), will enter into a costly acquisition of LG Card Co. Ltd. (NR). The CreditWatch placement also includes the bank's senior unsecured notes, lower Tier II subordinated notes, upper Tier II subordinated notes, and hybrid Tier I notes. Korea Development Bank (KDB; A/Stable/A-1) announced yesterday that it had chosen SFG as the preferred bidder for its stake in the credit card company. Although parent company SFG would be the purchaser, the size of the deal would likely have a rating impact on the...
Companies mentioned in this report are: Shinhan Bank
Action: On CreditWatch:Negative
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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