Following a review under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we have affirmed our 'A-/A-2' ratings on Woori Bank. The outlook is stable. Our ratings on Woori Bank reflect the 'bbb+' anchor rating, its strong business position, moderate capital and earnings, moderate risk position, and average funding and adequate liquidity. The ratings on Woori benefit from two notches of uplift for potential extraordinary government support in a crisis. The stable outlook reflects our view that potential credit risks remain manageable and the bank is likely to be able to maintain the current level of capitalization for the next 24 months. As previously announced on Dec. 6, 2011, Standard&Poor's Ratings Services affirmed its 'A-'
