TOKYO (Standard&Poor's) March 29, 2010--Standard&Poor's Ratings Services today assigned its 'A-' rating to Woori Bank's (Woori; A-/Stable/A-2) proposed U.S. dollar-denominated benchmark-size senior unsecured bonds to be drawn down from the bank's US$7 billion global medium-term note program. The rating on the unsecured debt is subject to final documentation. The ratings on Woori reflect its strong market position as Korea's second-largest bank and a core operating bank subsidiary of Woori Finance Holdings (WFH; BBB+/Stable/A-2). The bank's domestic market share of loans and deposits stands at about 15%. The ratings are also supported by the bank's strong corporate banking business, which is based on long-term client relationships. In addition, it is supported by strong revenue contributions from nonbanking
