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[THE INVESTOR] International credit rating agency S&P said on Sept. 19 that it has raised Woori Bank’s credit rating to “BBB+” from “BBB”.
S&P attributed the upgrade to the bank’s upcoming issuance of BASEL III-compliant Tier 1 subordinated bonds, which it said would strengthen Woori’s capital adequacy.
S&P also projected the bank’s risk adjusted capital ratio to stay above 7 percent over the next one to two years.
Meanwhile, the government is seeking to privatize Woori Bank this year, with the state-run Korea Deposit Insurance Corp. set to sell off the majority of its 51 percent stake.
By Kim Ji-hyun (jemmie@heraldcorp.com)
S&P attributed the upgrade to the bank’s upcoming issuance of BASEL III-compliant Tier 1 subordinated bonds, which it said would strengthen Woori’s capital adequacy.
S&P also projected the bank’s risk adjusted capital ratio to stay above 7 percent over the next one to two years.
Meanwhile, the government is seeking to privatize Woori Bank this year, with the state-run Korea Deposit Insurance Corp. set to sell off the majority of its 51 percent stake.
By Kim Ji-hyun (jemmie@heraldcorp.com)
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