S&P assigns Shinhan Card BBB+, A-2

Standard & Poor's said it assigned its BBB+ long-term counterparty credit rating and A-2 short-term counterparty credit rating to the newly launched Shinhan Card Co. Ltd., which is the former LG Card Co. Ltd. that was renamed following its business combination with Shinhan Card Co. Ltd.

In the business combination between the two companies, the former Shinhan Card transferred its entire business operations to the former LG Card, the agency said.

Following the renaming of the former Shinhan Card to SHC Management Co. Ltd., S&P said it withdrew its BBB+ long-term and A-2 short-term counterparty credit ratings on SHC Management Co. Ltd. and affirmed its BBB+ rating on the former Shinhan Card's senior unsecured debt, which was transferred to New Shinhan Card on Oct. 1.

The outlook on the long-term rating is stable.

S&P added that the ratings on New Shinhan Card reflect the strong support it receives from the Shinhan group as a core subsidiary.

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