S&P lifts Woori

Standard & Poor's said it raised to BBB+ from BBB the local- and foreign-currency long-term counterparty credit ratings on Woori Finance Holdings Co. Ltd., reflecting the agency's revised views on potential government support.

The A-2 short-term ratings were affirmed.

The outlook is negative.

S&P said the upgrade reflects its views that there is a reasonably high possibility of extraordinary government support, channeled through the issuer to Woori Bank, if the bank were to fall into financial distress.

The agency said it views the Korean financial system as having a supportive legal framework for the bailout of financial holding companies and the government as taking an interventionist stance.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.