Fitch gives AAA to Shinhan bonds

Fitch Ratings said it preliminarily rated Shinhan Bank's inaugural planned series of €500 million of mortgage covered bonds AAA. The bonds will be issued out of Shinhan's $5 billion covered bond program, established in October 2023, and under South Korea's covered bond legislation, the Korean Covered Bond Act.

“The proposed covered bonds are rated five notches above the bank's IDR. This is out of a maximum achievable uplift of seven notches, consisting of a resolution uplift of zero notches, a payment continuity uplift of six notches and a recovery uplift of one notch,” Fitch said in a statement.

The outlook is stable.

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