Fitch affirms Woori

Fitch Ratings said it affirmed Woori Bank and its parent company Woori Finance Holdings' long-term foreign-currency issuer default ratings at A- and BBB+ respectively and short-term foreign-currency issuer default ratings at F2.

Woori Bank's senior unsecured debts were affirmed at A- and subordinated debts at BBB+.

The outlooks are stable.

The affirmation reflects the continued belief of an extremely high propensity for support from the South Korean government (A+/stable), if required, given its systemic importance as one of the major commercial banks in South Korea and the government's majority ownership in the bank through Woori Finance, the agency said.

The affirmation takes into account the belief that the government's propensity to support Woori Finance, should the need arise, is high, on the back of the government's relationship with Woori Finance through majority ownership/control and potential contagion effect of any material operation disruption ]to other group entities, the agency added.

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