TOKYO (Standard & Poor's) Nov. 24, 2004--Standard & Poor's Ratings Services today assigned its 'BBB' rating to Woori Bank's (Woori; BBB/Stable/A-2) proposed US$300 million senior unsecured fixed rate notes to be priced and drawn down from its US$4.0 billion Global MTN program. In view of the typical convergence of business risks that occur among subsidiaries of a common holding company, the ratings on Woori Bank take into consideration the collective credit profiles of Woori Finance Holding Co. Ltd.'s (WFH) major operating subsidiaries. "The supporting factors for the ratings on Woori are its good market position, which helps it maintain a satisfactory net interest margin and stable funding base, and its improving risk management skills. Over the medium term, Woori should...
Companies mentioned in this report are: Woori Bank
Action: New Rating
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