Woori Bank's Proposed Basel III Tier 1 Subordinated Notes Assigned 'BBB-' Rating

HONG KONG (S&P Global Ratings) June 28, 2024--S&P Global Ratings today assigned its 'BBB-' long-term foreign currency issue rating to U.S.-dollar-denominated Basel III Tier 1 subordinated notes that Woori Bank proposes to issue. The rating is subject to our review of the final issuance documentation. The notes are intended to be Basel III Tier 1 regulatory capital for Woori Bank (A+/Stable/A-1). They will be direct, unsecured, and subordinated to senior creditors' claims. The terms and conditions of the notes have a write-down clause that allows the following on the occurrence of a nonviability event: (1) The full principal amount will be permanently written down to zero and the bonds will be cancelled; and (2) The payment of principal and interest

...June 27, 2024 HONG KONG (S&P Global Ratings) June 28, 2024--S&P Global Ratings today assigned its '###-' long-term foreign currency issue rating to U.S.-dollar-denominated Basel III Tier 1 subordinated notes that Woori Bank proposes to issue. The rating is subject to our review of the final issuance documentation. The notes are intended to be Basel III Tier 1 regulatory capital for Woori Bank (A+/Stable/A-1). They will be direct, unsecured, and subordinated to senior creditors' claims. The terms and conditions of the notes have a write-down clause that allows the following on the occurrence of a nonviability event: (1) The full principal amount will be permanently written down to zero and the bonds will be cancelled; and (2) The payment of principal and interest will be irrevocably waived. The nonviability event trigger will be the designation of the bank as an "insolvent financial institution" pursuant to Korea's Act on the Structural Improvement of the Financial Industry. The '###-' rating...

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