S&P rates Korean Air floaters A

Standard & Poor's said it assigned its A rating to Korean Air Lines Co. Ltd.'s $100 million senior unsecured floating-rate bond issuance due 2016, guaranteed by Shinhan Bank.

S&P said its equalization of the rating on the issuance with the rating on Shinhan reflects its view that the guarantee is irrevocable and unconditional.

At the same time, it addresses timely payment and, therefore, qualifies for the rating substitution treatment, the agency said.

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