Woori Jonghap Financial, Credit Rating Raised to 'A+'

[Asia Economy Reporter Song Seung-seop] Woori Comprehensive Financial announced on the 14th that its credit ratings from Korea Credit Rating and Korea Enterprise Rating have been upgraded by one notch to ‘A+ (Stable)’.

The credit rating upgrade reflected factors such as the expansion of operating assets and improved profit-generating capacity through business diversification, maintenance of improved capital adequacy due to reduced contingent liabilities, and the outlook for maintaining an excellent level of financial soundness.

Woori Comprehensive Financial expects the credit rating upgrade to activate business operations in corporate finance and other areas. It also anticipates improved profitability due to effects such as client base expansion, smooth long-term borrowing, and reduced funding costs from lower borrowing interest rates.

A Woori Comprehensive Financial official stated, “With the active support of the holding company, the credit rating has been upgraded for the first time in about five years,” adding, “We will promote full-scale business activation and maintain asset soundness to create a stable profit structure.”