(The following statement was released by the rating agency)
Apr 25 - Standard & Poor’s Ratings Services said today that it had assigned its ‘A-’ rating to Suhyup Bank’s (Suhyup; A-/Stable/--) proposed U.S. dollar-denominated senior unsecured bonds. The bonds will be drawn down from the bank’s US$2 billion euro medium-term note program. The rating on the unsecured debt is subject to final documentation.
Suhyup intends to use the bond proceeds for general corporate purposes. The notes will constitute direct, unconditional, unsecured, and unsubordinated obligations of the bank. They will rank pari passu with all other unsecured and unsubordinated obligations of the bank.