Fitch rates Shinhan Bank notes BBB-

Fitch Ratings said it assigned Shinhan Bank's planned hybrid tier 1 notes an expected rating of BBB-. The issue size is expected to be $300 million.

Fitch said the rating on the issue is linked to Shinhan's long-term rating of BBB+ in line with the agency's general notching policy for hybrid tier 1 notes.

Fitch's ratings reflect Shinhan's strong stand-alone performance; even through the Korean banking crisis of the late-1990s and credit card problems in 2003, the bank maintained a solid track record. They also take into account the acquisition by Shinhan Financial Group of Chohung Bank, now a relatively weak sister company to Shinhan.

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