Moody's rates Woori Bank notes A2

Moody's Investors Service said it assigned an A2 rating to Woori Bank's proposed issuance of dollar-denominated senior unsecured fixed-rate notes. The notes are to be drawn from the bank's $7 billion global medium-term note program. The issuance amount and maturity date have not yet been decided.

The outlook is stable.

Moody's noted that this debt is not being issued under the Korean government's guarantee program for external debt.

The rating is subject to receipt of final documents.

The rating reflects Woori Bank's systemic significance as Korea's second largest bank, given its substantial 15% share of system deposits, Moody's said.

Moody's said it believes the probability of support by the Korean government in a systemic crisis would be high. The bank also enjoys modest financial health, as indicated by its C- bank financial strength rating, the agency said.

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