TOKYO (Standard&Poor's) Sept. 25, 2002--Standard&Poor's Ratings Services said today that it had assigned its ratings to the US$2 billion Euro medium term note program established by Woori Bank (BB+/Positive/B), the former Hanvit bank, on July 6, 1999. The ratings are: 'BB+' for the senior unsecured tranche; and 'BB-' for the subordinated tranche (lower tier II capital). At the same time, Standard&Poor's assigned its 'BB+' rating on the three-year and five-year U.S.-dollar denominated senior unsecured notes to be priced this week and to be drawn down from the program subsequently. The rating differential between the tranches is in line with Standard&Poor's practice to rate subordinated debt without an interest deferral clause two notches
