S&P rates Woori Bank notes BB+

S&P said it affirmed the A long-term and A-1 short-term issuer credit ratings on Woori Bank.

The outlook is stable.

The agency also said it assigned a BB+ rating to the bank’s proposed $500 million drawdown of Basel III tier 1 subordinated notes from its $7 billion global medium-term notes program.

S&P also said it raised the long-term issue rating on the junior subordinated tranche of the bank’s program to BB+ from BB, along with the subordinated tranche of the program and the $1 billion Basel III tier 2 subordinated notes to BBB from BBB-.

The agency also said it raised the rating on the bank's existing Basel III and Basel II tier 1 hybrid issue to BB+ from BB.

The ratings reflect the bank’s strong business position, adequate capitalization and stable funding and liquidity profiles expected over the next 12- to 24-months, S&P said.

The ratings also consider the bank’s weak track record in managing credit risks and concentration risk in weak corporate sectors, such as shipbuilding and shipping, especially compared with major commercial peers, the agency said.

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