HONG KONG (Standard&Poor's) May 7, 2014--Standard&Poor's Ratings Services said today that it has lowered to 'BB+' from 'BBB+' its program rating on the subordinated tranche of Woori Bank's (Woori: A-/Stable/A-2) US$7 billion global medium-term note (GMTN) program after the bank updated the terms and conditions of the program. At the same time, we affirmed our 'A-' program rating on the senior unsecured tranche of the same program after reviewing the updated terms and conditions. We also affirmed our existing 'BBB+' ratings on the program's subordinated debt issues, which were issued based on the previous terms and conditions of the program. Our downgrade of the subordinated tranche reflects our view that the government of Korea is unlikely
