Moody's ups Woori Bank

Moody's Investors Service said it raised Woori Bank's bank financial strength rating to D from D-. The outlook is stable.

The agency noted all other ratings, including the senior/subordinated debt of Baa1/Baa2 and long-term/short-term deposit of Baa1/Prime-2 with stable outlook, are unaffected.

The rating action reflects Woori's continued progress in strengthening its credit profile, particularly its recurring earnings power, the agency said.

In addition, Moody's noted the bank continues to update its credit systems and early warning procedures and said it believes this will assist the bank in dealing with any future downturns in asset quality.

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