Moody's rates 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.

Moody's noted 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, adding the bank's franchise is considerable but is still evolving, as is its organizational structure.

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