Woori Jonghap Financial, Credit Rating Outlook Upgraded from Stable to Positive

[Asia Economy Reporter Kim Jin-ho] Woori Financial Group’s subsidiary, Woori Comprehensive Financial, announced on the 14th that Korea Credit Rating has upgraded its credit rating outlook from ‘Stable’ to ‘Positive.’ Accordingly, Woori Comprehensive Financial’s corporate credit rating was also revised upward to ‘A/Positive.’

Korea Credit Rating cited the following reasons for the outlook change: ▲Improved profit-generating capacity through expansion of operating assets and business diversification ▲Maintenance of sound asset quality and enhancement of capital buffer through paid-in capital increase ▲Stable funding and liquidity management capabilities via deposit functions, as well as the possibility of support from Woori Financial Group in emergencies.

It also evaluated that the asset growth rate over the past five years has exceeded an average of 22% annually, and future external growth is expected to remain at around 20-30%. If the business portfolio diversification stabilizes the revenue structure and financial soundness indicators are maintained steadily through risk management, the credit rating could be further upgraded from the current A to A+.

Woori Comprehensive Financial expects that the credit rating upgrade will activate all business sectors, including corporate finance operations. In particular, it anticipates significant improvement in profitability due to the expansion of borrowing clients, smooth long-term borrowing, and reduced funding costs resulting from lower borrowing interest rates.

A representative of Woori Comprehensive Financial stated, “Riding on this credit rating outlook upgrade, we plan to actively promote business operations and establish a stable revenue structure to achieve further rating upgrades in the future.”