Moody's upgrades Chohung Bank

Moody's Investors Service said it raised Chohung Bank's bank financial strength rating to D from D-. Upon its merger with Shinhan Bank (Baa1), scheduled on April 1, the rating agency will withdraw all of Chohung Bank's ratings.

Moody's said the upgrade reflects the much improved credit profile of Chohung Bank under Shinhan Financial Group, which has been its parent since September 2003. In particular, the bank's economic capital position has improved substantially, allowing it to move into the current rating band.

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