Moody's may cut Woori Investment

Moody's Investors Service said it placed Woori Investment & Securities' Baa1/prime-2 foreign-currency long-term/short-term issuer ratings on review for possible downgrade.

The review was prompted by the downgrade review on Woori Bank, which would provide support to Woori Investment if needed. Both Woori Investment and Woori Bank are both subsidiaries of Woori Finance Holdings.

A downgrade of Woori Bank's bank financial strength rating could change its support capability, even though the actual willingness to support Woori Investment may not have changed, the agency said.

During the review process, Moody's said it will assess any potential impact from further deterioration in its sister company's credit profile.

© 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.