Standard & Poor's Ratings Services said that it has assigned its A- rating to the USD 100 million guaranteed floating rate senior unsecured bond issuance by Dongkuk Steel Mill Co Limited.

The issuance is guaranteed by Shinhan Bank. The equalization of the rating on the issuance with the rating on Shinhan reflects our view that the guarantee is irrevocable and unconditional. We also view it as a guarantee for timely payment, and therefore the issuance qualifies for rating substitution treatment. The rating on the unsecured debt will also be reviewed in the coming months under our new bank criteria published on November 9th 2011.