TOKYO (Standard&Poor's) March 10, 2004--Standard&Poor's Ratings Services today raised its long-term and short-term credit ratings on Woori Bank to 'BBB' and 'A-2' from 'BBB-' and 'A-3', respectively, based on the expectation that an improvement in transparency and more prudent credit assessment will help the bank and its holding company, Woori Finance Holdings Co. Ltd. (WFH), enhance their credit profiles. The outlook on the long-term rating is stable. In line with Standard&Poor's policy on rating subordinated debt, the ratings on Woori Bank's upper Tier II subordinated debt were raised one notch to 'BB+' from 'BB', and its lower Tier II subordinated debt to 'BBB-' from 'BB+'. "The transparency and credit management systems of both Woori
