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Korea-Based Woori Bank's US$500 Million Unsecured Fixed-Rate Notes Rated 'BBB+' Sep 05
Standard & Poors, September 2005
TOKYO (Standard & Poor's) Sept. 16, 2005--Standard & Poor's Ratings Services today assigned its 'BBB+' rating to Woori Bank's (Woori; BBB+/Stable/A-2) proposed US$500 million senior unsecured fixed rate notes to be priced and drawn down from its US$4 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 profiles of Woori Financial Group (WFG), which includes Woori Finance Holdings Co. Ltd. (WFH; BBB/Stable/A-2) and other subsidiaries. "A supporting factor for the ratings on Woori is WFG's possession of the third-largest banking branch network among Korea's commercial banking groups. This market coverage helps it maintain a relatively high net interest...
Companies mentioned in this report are: Woori Bank
Action: New Rating
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.