Fitch revises Shinhan Bank view to negative

Fitch Ratings said it revised the outlook on Shinhan Bank's long-term issuer default rating to negative from stable and affirmed the IDR at A.

“The negative outlook reflects our expectation that the economic fallout due to measures to contain the coronavirus outbreak in Korea and globally would put mounting pressure on Shinhan's intrinsic creditworthiness over the next two years. This is despite extensive relief measures introduced by local authorities over the past two months to mitigate the impact on the economy and banking sector,” said Fitch in a press release.

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