Moody’s might lift Woori Card

Moody's Investors Service said it placed the long-term foreign currency and local currency Baa1 issuer ratings of Woori Card Co., Ltd. under review for upgrade.

The action follows the action on its parent Woori Bank (A2 review for upgrade), whose long-term ratings and assessments were placed under review for upgrade on Dec. 8.

“Woori Bank's ratings were placed under review for upgrade to determine whether recent improvements in its credit fundamentals are structural and sufficiently sustainable to merit an increase in its baseline credit assessment (BCA),” Moody’s said in a news release.

“Woori Bank has achieved structural improvements in its asset risk by reducing its exposures to large corporates with low credit ratings and cyclical sectors such as shipbuilding. Its capitalization has also improved.”

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