Fitch ups Shinhan Bank to B/C

Fitch Ratings said it upgraded South Korea-based Shinhan Bank's individual rating to B/C from C and affirmed the bank's other ratings as follows: long-term issuer default rating A-, short-term rating F2 and support rating 1.

The outlook is stable, given South Korea's current benign economic environment.

The upgrade follows Shinhan's smooth merger with Chohung Bank on April 1, the agency noted, adding that it also takes into account Shinhan's position as the second-largest bank in South Korea with strengths in both the retail and corporate markets.

The ratings also reflect Shinhan's historically good and prudent management, sound balance sheet and adequate profitability.

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