Moody's rates Shinhan notes A1

Moody's Investors Service said it assigned an A1 rating to the proposed CNH senior notes to be issued by Shinhan Bank, and which would be a drawdown from its $6 billion global medium-term note program.

The outlook is stable.

Moody's said the rating incorporates two factors: (a) the bank's standalone financial strength rating of C-, which maps to a Baa1 standalone credit profile on the long-term scale; and (b) Moody's assessment of the very high probability of government support (a component of joint default analysis, referred to as JDA).

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