Moody's assigns Woori notes Baa1

Moody's Investors Service said it assigned a Baa1 rating to Woori Bank's proposed senior notes due 2010 under its $4 billion global medium-term note program. The outlook is stable.

The agency said Woori Bank's ratings are underpinned by expected strong regulatory support given its position as the second largest commercial bank in the system and its traditionally close government relationship.

The bank's franchise is considerable but is still evolving, as is its organizational structure, Moody's said, noting its financial performance has improved and is showing signs of stabilizing, compared to the volatile performance seen during Korea's 1997 financial crisis.

Other ratings of the bank include long-term senior/subordinated debt ratings of Baa1/Baa2, long-term/short-term deposit ratings of Baa1/Prime-2 and bank financial strength rating of D-.

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