Moody's rates Chohung Bank notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to Chohung Bank's $400 million subordinated notes due 2014, which comprise $200 million each in 4.5% lower tier II and 4.625% upper tier II securities.

The outlook remains stable.

Chohung Bank was established in 1897 and is Korea's oldest bank. The government took over the bank during the Asian financial crisis, when deterioration in the quality of its large corporate book caused the bank to be severely under-capitalized.

Then, in September 2003, Shinhan Financial Group acquired an 80.04% stake from the government. It now wholly owns Chohung Bank.

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