Fitch ups Chohung Bank, lifts Shinhan to positive

Fitch Ratings said it upgraded the ratings on Korea-based Chohung Bank to long-term BBB+ from BBB, short-term F2 from F3 and individual C from C/D.

Chohung's Support rating, meanwhile, was affirmed at 2, the agency said.

Fitch's ratings on the bank's lower and upper tier II subordinated debt have also been raised by one notch to BBB and BBB-.

The outlook is positive.

At the same time, the agency said it also revised the outlook on Shinhan Bank to positive from stable.

Shinhan's ratings were simultaneously affirmed at long-term BBB+, individual C, short-term F2 and support 2, Fitch said.

The rating action follows the significant improvement in Chohung's performance in 2004 and the first quarter of 2005, Fitch said.

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