Moody's rates Woori Bank hybrid Baa2

Moody's Investors Service said it assigned a Baa2 rating to Woori Bank's proposed hybrid tier 1 securities. The rating is subject to final documents.

The outlook is positive, in line with the sovereign outlook.

The ratings do not incorporate any potential rating changes that may take result from Moody's new joint default analysis for banks and the updated bank financial strength rating methodology.

The rating is underpinned by the subordination and equity characteristics of the securities, as well as Woori's relatively healthy financial condition, as reflected in its D+ bank financial strength rating, Moody's said.

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