Shinhan Card Co. Ltd. Dec 11
Standard & Poors, December 2011
Abstract
Strong support from the Shinhan group as a core subsidiary Strong market position Good profitability based on a low fixed cost burden High dependency on market-sensitive funding sources Challenging environment in domestic card industry Potential pressure on asset quality from high household leverage The ratings on Shinhan Card Co. Ltd. (SHC; BBB+/Stable/A-2) reflect the strong support the company receives from the Shinhan group as a core subsidiary, its strong market position, and its good profitability based on its low fixed cost burden. The ratings also reflect the company's high dependency on market-sensitive funding sources, challenging environment in the domestic card industry, and potential pressure on asset quality from high household leverage. SHC is the largest credit card operator in Korea,...
Companies mentioned in this report are: Shinhan Card Co. Ltd.,Shinhan Bank
Action: Review
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: Full Analysis
Shinhan Card Co. Ltd.,Shinhan Bank
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