TOKYO (Standard&Poor's) April 19, 2006--Standard&Poor's Ratings Services today assigned its 'BBB+' rating to Woori Bank's (A-/Stable/A-2) proposed lower Tier II subordinated notes. The securities will have a 10-year maturity and are to be drawn down from a US$4 billion global MTN program. The one-notch differential between the counterparty credit rating on Woori Bank and the rating on the proposed notes reflects the overall financial status of the bank as well as the terms and conditions of the notes. In view of the typical convergence of risks that occur among subsidiaries of a common holding company, the ratings on Woori Bank take into consideration the credit profile of the Woori Financial Group (WFG), which includes Woori Finance
