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Bulletin: Ratings On Woori Finance And Woori Bank Unaffected By Potential Acquisition Of Samhwa Mutual Savings Bank Feb 11
Standard & Poors, Feb 2011
Abstract
TOKYO (Standard & Poor's) Feb. 23, 2011--Standard & Poor's Ratings Services said today that its ratings on Woori Finance Holdings (WFH; BBB+/Stable/A-2) and Woori Bank (Woori; A-/Stable/A-2) would be unaffected by WFH's potential acquisition of Samhwa Mutual Savings Bank (Samhwa: NR). WFH is a financial holding company of Woori. On Feb. 18, 2011, WFH announced that it has been selected by Korea Deposit Insurance Corp. (KDIC) as a preferred bidder for Samhwa, whose operations have been suspended since January due to a capital shortage. Samhwa is a local savings bank with one branch office, and it had assets of Korean won (KRW) 1.4 trillion as of June 2010. We believe that the potential acquisition will likely weigh on Woori's consolidated...
Companies mentioned in this report are: Woori Finance Holdings Co. Ltd.,Woori Bank
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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