Woori's capitalization has strengthened following its proposed issue of Basel III Tier-1 subordinated notes. We are therefore revising our assessment of the Korea-based bank's SACP to 'bbb+' from 'bbb'. We are affirming our 'A' long-term and 'A-1' short-term issuer credit ratings on Woori with a stable outlook. We are raising the issue rating on Woori's junior subordinated and subordinated notes under its GMTN program and on the bank's existing Tier-1 hybrid issues. We are assigning our 'BB+' issue rating to Woori's proposed US$500 million drawdown of Basel III Tier-1 subordinated notes from the GMTN program. On Sept. 19, 2016, S&P Global Ratings affirmed its 'A' long-term and 'A-1' short-term issuer credit ratings on Korea-based Woori Bank. The outlook on the
