Woori 'A/A-1' Ratings Affirmed; SACP Revised To 'bbb+'; Basel III T-1 Subordinated Notes Rated 'BB+'

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. HONG KONG (S&P Global Ratings) Sept. 19, 2016--S&P Global Ratings said today that it had affirmed its 'A' long-term and 'A-1' short-term issuer credit ratings

...+ 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 '###+' from '###'. + 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 '##+' issue rating to Woori's proposed US$500 million drawdown of Basel III Tier-1 subordinated notes from the GMTN program. HONG KONG (S&P Global Ratings) Sept. 19, 2016--S&P Global Ratings said today that it had affirmed its 'A' long-term and 'A-1' short-term issuer credit ratings on Korea-based Woori Bank. The outlook on the long-term rating is stable. We also assigned our '##+' issue rating to Woori's proposed US$500 million drawdown of Basel III Tier-1 subordinated notes from its US$7 billion...

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