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Bulletin: Ratings On Woori Bank And WFH Unaffected By Spinoff Of Credit Card Business Sep 11
Standard & Poors, Sep 2011
Abstract
HONG KONG (Standard & Poor's) Sept. 21, 2011--Standard & Poor's Ratings Services said today that its ratings on Woori Bank (Woori; A-/Stable/A-2) and Woori Finance Holdings Co. Ltd. (WFH; BBB+/Stable/A-2) would be unaffected by WFH's spinoff of Woori Bank's credit card business. WFH announced on Sept. 19 that it plans to spin off the credit card business and form a new subsidiary. In our view, the spinoff is unlikely to have a significant near-term impact on WFH's consolidated credit profile. We expect the group to expand its exposure to unsecured consumer credit at a reasonable pace and keep its total exposure to such credit at a manageable level. We consider rapid and aggressive expansion in unsecured consumer credit in Korea,...
Companies mentioned in this report are: Woori Bank,Woori Finance Holdings Co. Ltd.
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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