Fitch ups Woori Bank

Fitch Ratings said it raised Woori Bank's individual rating to B/C from C.

At the same time, the agency said it affirmed the bank's ratings at long-term rating BBB+, short-term F2 and support 2.

The outlook is stable.

The upgrade of Woori's individual rating reflects its robust operating performance in 2004 and the first quarter of 2005 with the improved capital position, Fitch said.

The agency said the stable outlook remains, despite the bank's now stabilized and robust operating performance, reflecting in part uncertainty over the bank's privatization.

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