TOKYO (Standard&Poor's) Aug. 29, 2006--Standard&Poor's Ratings Services today assigned its 'A-' rating to Woori Bank's (A-/Stable/A-2) proposed senior unsecured notes to be drawn down from a US$7 billion global MTN program. In view of the typical convergence of risks that occur among subsidiaries of a common holding company, the ratings on Woori take into consideration the collective credit profile of Woori Financial Group (WFG), which includes Woori Finance Holdings Co. Ltd. (WFH; BBB/Stable/A-2) and other subsidiaries. WFG has the second-largest branch network among Korea's commercial banking groups, providing the group with a stable funding base. Although it faces growing competition from domestic and overseas institutions, Woori Bank's competitive position is likely to remain strong, supported by
