Woori Bank Upgraded to 'A+' Long-Term Credit Rating by S&P

[Asia Economy Reporter Kwangho Lee] Woori Bank announced on the 16th that the international credit rating agency Standard & Poor's (S&P) has upgraded its long-term credit rating from A to A+.

This upgrade is considered a result of continuously reducing the loan proportion in economically sensitive and vulnerable industries such as shipping, shipbuilding, and construction to improve asset soundness, while managing capital adequacy stably through the reduction of risk-weighted assets and improvement of profitability.

Additionally, Woori Bank recorded a net profit of 589.4 billion KRW in the first quarter of this year, exceeding market consensus.

With this credit rating upgrade, the credit ratings of existing Woori Bank bonds as well as future bond issuances will all be upgraded by one notch.

In particular, the rating for Tier 1 capital securities has been upgraded from BB+ to BBB-, which is expected to enhance Woori Bank's position in the bond issuance market and reduce funding costs.

A Woori Bank official stated, "This credit rating upgrade is the result of Woori Bank's continuous efforts to improve its fundamentals," adding, "It is expected that funding costs will decrease due to the credit rating upgrade in overseas markets."