HONG KONG (Standard&Poor's) May 20, 2014— Standard&Poor's Ratings Services today assigned its 'BB+' issue rating to Woori Bank's (Woori; A-/Stable/A-2) US$1 billion subordinated bonds with a fixed coupon rate of 4.75% due on April 30, 2024. Woori drew the bonds down from its US$7 billion global medium-term program. Woori intends the subordinated notes to be Basel III Tier 2 regulatory capital and they will be direct, unsecured, and subordinated to the claims of senior creditors. Our 'BB+' rating is two notches below Woori's stand-alone credit profile of 'bbb'. Based on our hybrid capital criteria, the notching reflects the risk related to subordination and the risk of write-down and waiver of principal and interest payments upon the
