Strong market position as Korea's second-largest bank Strong corporate banking business Good revenue contributions from nonbanking businesses at the group level Exposure to relatively vulnerable residential property development Rising credit risks Declining net interest margin The ratings on Woori Bank (Woori; A-/Negative/A-2) reflect its strong market position as Korea's second-largest bank and good reputation as a core operating subsidiary of Woori Financial Group (WFG). The ratings are also supported by the bank's strong corporate banking business and good revenue contributions from nonbanking businesses at the group level. These strengths are offset by exposure to residential property development, rising credit risks posed by Korea's rapid economic slowdown, and a declining net interest margin (NIM). The long-term ratings on Woori are one
