S&P assigns 'A' rating to Shinhan

The Korea Times

The Korea Times

Finance

Mon, December 4, 2023 | 14:41

Companies

S&P assigns 'A' rating to Shinhan

Posted : 2019-05-29 17:00

Updated : 2019-05-29 19:33

The headquarters of Shinhan Financial Group / Korea Times file

By Kim Jae-kyoung

S&P Global Ratings has assigned its "A" long-term and "A-1" short-term issuer credit ratings to Shinhan Financial Group, the global credit ratings agency said Wednesday.

The outlook on the long-term rating is stable.

The agency said the Shinhan ratings reflect the group's strong market position as the largest financial holding company in Korea.

"Shinhan has a diversified business structure across banking and non-banking businesses and adequate capitalization to support its business growth," it said.

"We also believe that Shinhan will likely maintain its asset quality backed by prudent underwriting standards. The group's extensive retail customer deposit base underpins its overall stable funding and liquidity profiles, in our view."

S&P said Shinhan has a high likelihood of receiving extraordinary government support if the bank were to fall into financial distress.

It expects Shinhan to maintain its strong business franchise in Korea.

"The group has a well-diversified business structure between banking and non-banking, with a leading credit card company and other non-bank financial affiliates including brokerage, insurance, asset management and consumer finance," S&P said.

kjk@koreatimes.co.kr

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