Fitch rates Shinhan Card note BBB+

Fitch Ratings said it assigned a BBB+ foreign-currency issuer default rating, F2 short-term rating, C individual rating and 2 support rating to Shinhan Card Co Ltd. and an expected BBB+ rating to its planned overseas senior unsecured bond issue. The issue size is expected to be $400 million.

The outlook is stable.

The agency said Shinhan Card's ratings reflect its very good profitability, proven prudent risk management as well as its very strong franchise due to it being part of the Shinhan Financial Group, one of South Korea's three major financial institutions. The company's franchise will be further enhanced by its merger within the next two years with South Korea's largest credit card company, LG Card, which will raise Shinhan Card's share of the country's credit card market to about 25% from a current 9%.

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