S&P rates Woori notes BBB+

Standard & Poor's said it assigned a BBB+ issue rating to Woori Bank's (A-/stable/A-2) proposed dollar-denominated subordinated notes, which will be drawn down from Woori's $7 billion global medium-term program.

The proceeds from the proposed subordinated notes are intended as lower tier II capital for Woori and will be used for refinancing existing debt obligations under Woori's outstanding $1 billion of lower tier II subordinated notes due 2016.

The differential between the rating on the proposed notes and the A- counterparty credit rating on Woori reflects the subordinated nature of the notes, the agency said.

S&P said it regards the proposed issuance as a hybrid instrument under the minimal equity content category and will not include it in its calculation of adjusted total equity.

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