S&P rates Shinhan Bank notes A-

Standard & Poor's Ratings said it assigned its A- rating to the senior unsecured tranche of Shinhan Bank's (A-/stable/A-2) A$2 billion debt-instrument issuance program, and assigned its A- rating to the proposed A$250 million three-year floating-rate senior unsecured notes and A$150 million three-year fixed-rate senior unsecured notes to be issued from the program.

The long-term counterparty rating reflects the consolidated credit profile of Shinhan Financial Group Co. Ltd. in view of the typical convergence of risks that occurs among the common subsidiaries of a financial holding company, S&P said.

The stable outlook reflects the agency's expectation that Shinhan Bank will maintain its current level of capital and continue to improve its asset quality and profitability.

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