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S&P raises Chohung Bank ratings
Standard & Poor's said it raised its long-term and short-term credit ratings on Chohung Bank to BBB from BBB- and A-2 from A-3, respectively. At the same time, S&P affirmed its BBB/A-2 long-term and short-term credit ratings on Shinhan Bank.
The outlooks on both banks' long-term ratings are stable.
On April 14, Shinhan Financial Group Co. Ltd. announced its decision to acquire the remaining common shares (18.85%) of Chohung by the end of June 2004 through a combined small-scale share swap and tender offer.
S&P said the upgrade of Chohung is based on the bank's increasingly important status within Shinhan Financial Group, as well as the expected convergence with Shinhan's credit quality ahead of the planned merger of the banks in the latter half of 2006.
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