S&P raises Woori Bank’s rating to ‘BBB+’

[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)