HONG KONG (Standard&Poor's) June 1, 2015--Standard&Poor's Ratings Services today said that it has assigned its 'BB' program and issue ratings to Woori Bank's (Woori; A-/Stable/A-2) proposed junior subordinated tranche of a US$7 billion global medium-term note (GMTN) program and proposed U.S. dollar-denominated Basel III Tier 1 subordinated bonds to be issued from the GMTN tranche. The ratings are subject to final documentation. The subordinated notes are intended as Basel III Tier 1 regulatory capital for Woori and will be direct, unsecured, and subordinated to senior creditors' claims. We classify the proposed bond issue as having "intermediate" equity content. Under the bonds' terms and conditions, we note that there is a write-down clause that allows the following
