Moody’s rates Shinhan Bank deposits A2

Moody's Investors Service said it assigned an A2 long-term domestic currency deposit rating with a stable outlook and a short-term domestic currency deposit rating of Prime-1 to Shinhan Bank Japan.

The agency also assigned a baseline credit assessment of baa2, an adjusted baseline credit assessment of a3 and long-term and short-term counterparty risk assessments of A1(cr) and P-1(cr).

Moody’s also assigned an A3 long-term foreign currency issuer rating and a short-term foreign currency issuer rating of Prime-2 to Shinhan Investment Corp.

The agency assigned an A1 long-term foreign currency issuer rating and Prime-1 short-term foreign currency issuer rating to Shinhan Financial Group Co., Ltd.

Moody’s said Shinhan Bank Japan’s ratings incorporate a one-notch uplift from the bank's a3 adjusted baseline credit assessment, due to an assessment that the bank will receive very high support from the government of Korea through its parent, Shinhan Bank, in times of need.

Shinhan Financial’s issuer rating is one notch lower than the rating on Shinhan Bank to reflect a view that in general, holding company senior unsecured debt is structurally subordinate to debt at banking subsidiaries, the agency said.

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