Standard&Poor's bases its ratings on Woori Bank on the 'bbb+' anchor rating, the bank's "strong" business position, "moderate" capital and earnings, "moderate" risk position, and "average" funding and "adequate "liquidity, as well as government support. The SACP is 'bbb'. Our bank criteria use the BICRA economic risk and industry risk scores to determine a bank's anchor SACP, the starting point in assigning an issuer credit rating (ICR). The anchor SACP for a bank operating only in Korea is 'bbb+'. The BICRA score reflects our evaluation of economic risk. We view Korea as a resilient and diverse economy with relatively strong growth prospects and few economic imbalances. Nonetheless, we believe high leverage in the private sector could pressure asset
