S&P rates Hana Bank bonds BBB

Standard & Poor’s said it assigned a BBB rating to Hana Bank’s proposed dollar-denominated subordinated bonds.

The bonds will be drawn down from Hana’s $6 billion global medium-term program.

The rating is subject to final documentation.

The subordinated notes are intended as Basel III tier 2 regulatory capital for Hana and will be direct, unsecured and subordinated to claims of senior creditors, S&P said.

The BBB rating is one notch below Hana’s BBB+ stand-alone credit profile, the agency said.

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