On Sept. 28, 2005, Standard&Poor's Ratings Services raised its counterparty credit rating to 'A-' from 'BBB+' and issue credit ratings by one notch on Woori Bank due to expectations that the Korean government would extend extraordinary support towards it and other major banks in the country in the event of financial difficulty. Extraordinary support refers to specific governmental actions to rescue distressed private sector banks and prevent them from failing. This revision does not imply that Woori is likely to fall into trouble in the near future. Considerable consolidation in the Korean banking sector, along with a supportive regulatory and legal framework, have reinforced Standard&Poor's expectation that the government would provide extraordinary support to banks playing
