Moody's rates Woori Bank notes Baa3(hyb)

Moody's Investors Service said it assigned a provisional Baa3(hyb) rating to Woori Bank's proposed dollar-denominated benchmark subordinated bond issue, which have contractual point of non-viability loss-absorption features. The outlook is negative.

The agency's common practice is to use a bank's adjusted baseline credit assessment as an anchor for rating non-viability securities. In Woori's case, the rating is positioned one notch below the adjusted baseline credit assessment, despite its full write-down feature. The agency said this is due to its view that the probability that the viability event would be invoked is lower than that measured by the baseline credit assessment.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.