Moody's rates Woori Bank notes Ba3(hyb)

Moody's Investors Service said it assigned a provisional Ba3(hyb) rating to the proposed dollar-denominated non-cumulative additional tier 1 notes to be issued by Woori Bank.

The provisional Ba3(hyb) rating assigned to the proposed AT1 securities is notched off Woori Bank's Baa3 adjusted baseline credit assessment, which is the same as its Baa3 baseline credit assessment, the agency said.

The rating on the notes is placed three notches below the bank's baseline in line with the agency's framework for rating non-viability contingent capital securities, Moody's said.

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