Strong market position in Korea. High likelihood of government support. Well-balanced and diversified loan portfolio. Weak core earnings, despite some improvement in recent years. Relatively moderate, albeit improving, track record of managing credit risk than major commercial banks. Potential pressure on asset quality from high household leverage in Korea. The stable outlook on Woori Bank reflects S&P Global Ratings' view that the Korea-based bank will likely manage a potential rise in credit costs in the coming 18-24 months with its current pre-provisioning profit levels. This is despite ongoing pressure on corporate sectors such as real estate, construction, shipbuilding, and shipping, and potential risk of the asset quality of high household loans weakening amid gradually rising interest rates. Although Woori plans
