Moody's rates Shinhan notes Baa3(hyb)

Moody's Investors Service said it assigned Baa3(hyb) rating to the proposed dollar-denominated additional tier 1 notes to be issued by Shinhan Financial Group Co., Ltd. under its $5 billion global medium-term note program.

Moody's also said it assigned a provisional AT1 securities program rating of provisional Baa3.

The ratings anchor is the standalone creditworthiness of Shinhan Financial, which is reflected in the notional baseline credit assessment of A3, the agency said.

The baseline rating reflects the company's financial profile, weighted by the relative size of its key subsidiaries, benefits of its well-diversified portfolio of subsidiaries and surplus capital maintained at its key subsidiaries, Moody's explained.

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