S&P lifts Shinhan Card

Standard & Poor’s said it raised the long-term issuer credit ratings on Shinhan Card Co. Ltd. to A- from BBB+ and affirmed its A-2 short-term issuer credit ratings.

The agency also said it affirmed the issuer credit ratings on Shinhan Bank at A and A-1 and revised its stand-alone credit profile up to A- from BBB+.

The outlook is stable.

The agency also said it raised to BBB- from BB+ the issue ratings on the bank’s Basel II-compliant tier 1 hybrid issues consisting of its $350 million variable-rate hybrid tier I securities due Sept. 20, 2036 and $300 million variable-rate hybrid tier I securities due March 2, 2035.

S&P also said it revised up to A- from BBB+ the unsupported group credit profile of the Shinhan group, which excludes the likelihood of government support.

The bank’s and the group’s capitalization has steadily strengthened and benefited the bank’s stand-alone credit profile as well as the group credit profile, the agency said.

The upgrades reflect that the improvements also will benefit the credit card company, which is regarded as a core subsidiary of the group, S&P said.

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