TOKYO (Standard&Poor's) June 19, 2003--Standard&Poor's Ratings Services today assigned its 'BB+' rating to Woori Bank's (BBB-/Stable/A-3) proposed US$200 million subordinated bonds (Lower Tier II capital) to be priced this week and to be drawn down from its US$2.0 billion Euro MTN program. The one-notch differential between Woori's counterparty rating and the proposed securities reflects the terms and conditions of the proposed subordinated securities and the overall financial status of the bank. The rating on Woori reflects the long-term benefits from the bank's more disciplined credit practices, and heightened earnings potential through cross selling the products of its sister companies. "Woori's initiation of systematic credit evaluation programs to prevent damage from credit risks in the household and
