TOKYO (Standard&Poor's) March 30, 2011--Standard&Poor's Ratings Services today assigned its 'BBB+' issue rating to Woori Bank's (Woori; A-/Stable/A-2) proposed U.S. dollar-denominated subordinated notes, which will be drawn down from Woori's US$7 billion global medium-term program. The rating on the notes is subject to our review of final documentation, which includes terms and conditions for the proposed issuance. The proceeds from the proposed subordinated notes are intended as lower Tier II capital for Woori and will be direct, unsecured, and subordinated to the claims of senior creditors (including depositors). The notes will bear interest at a fixed rate. The differential between the rating on the proposed notes and the 'A-' counterparty credit rating on Woori reflects the
