...Sovereign Support-Driven IDRs: Woori Bank's Issuer Default Ratings are driven by Fitch Ratings' expectation of an extremely high probability that the South Korean government would provide support to the bank, if required. This view is backed by Woori's significant presence in South Korea's banking system, accounting for 14% and 15% of the industry's total loans and deposits, respectively. Legislation of a bail-in feature in Korea's bank resolution framework, however, may pressure the IDRs, depending on strength of the language and the enforceability. Stronger Governance Structure: Fitch views as an improvement Woori's new governance structure, which followed Korea Deposit Insurance Corporation's (KDIC) sale of a 30% stake in December 2016. This reflects Fitch's expectation the bank will be more commercially driven and less influenced by the government than previously when state-owned KDIC had majority ownership. Woori's board is now dominated by representatives from the private sector....
