TOKYO (Standard&Poor's) March 20, 2003--Standard&Poor's Ratings Services today raised its long-term and short-term ratings on Woori Bank to 'BBB-' and 'A-3' from 'BB+' and 'B', respectively, based on the bank's progress in enhancing its asset quality, long-term benefits from its more disciplined credit practices, and heightened earnings potential through cross selling the products of its sister companies. Woori Bank has the second-largest branch network among Korean commercial banks, which should enable the bank to explore new revenue sources. The outlook on the long-term rating is stable. The ratings on Woori Bank are constrained by its remaining exposure to Korean chaebols, uncertainties surrounding the domestic economy, and growing concerns over household indebtedness. "Woori Bank's asset quality has
