S&P: Woori Bank bonds BB+

Standard & Poor's said it assigned a BB+ rating to Woori Bank's $1 billion subordinated bonds with a fixed coupon rate of 4¾% due April 30, 2024.

Woori drew the bonds down from its $7 billion global medium-term program.

Woori intends the subordinated notes to be Basel III tier 2 regulatory capital and will be direct, unsecured and subordinated to the claims of senior creditors, the agency said.

The BB+ rating is two notches below Woori's stand-alone credit profile of BBB, S&P said.

Based on the hybrid capital criteria, the notching reflects the risk related to subordination and the risk of write-down and waiver of principal and interest payments upon the occurrence of a non-viability event, the agency said.

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