HONG KONG (Standard&Poor's) Sept. 21, 2011--Standard&Poor's Ratings Services said today that its ratings on Woori Bank (Woori; A-/Stable/A-2) and Woori Finance Holdings Co. Ltd. (WFH; BBB+/Stable/A-2) would be unaffected by WFH's spinoff of Woori Bank's credit card business. WFH announced on Sept. 19 that it plans to spin off the credit card business and form a new subsidiary. In our view, the spinoff is unlikely to have a significant near-term impact on WFH's consolidated credit profile. We expect the group to expand its exposure to unsecured consumer credit at a reasonable pace and keep its total exposure to such credit at a manageable level. We consider rapid and aggressive expansion in unsecured consumer credit in Korea,
