Moody's: Woori view positive

Moody's Investors Service said it changed Woori Finance Holdings Co. Ltd.'s outlook to positive from stable and affirmed its A2 long-term issuer rating.

The agency also changed the outlook of subsidiary Woori Bank to negative from stable and affirmed its A1 senior debt rating.

The rating actions follow the announcement of the Korean government of its plan to privatize Woori Finance.

Moody's said it changed Woori Finance's outlook to positive because its ratings will eventually be equalized with those of Woori Bank given its incorporation into Woori Bank. Woori Finance will - before it is sold - be merged back into Woori Bank once spin-offs of its regional banks occur and a buyer for the brokerage unit of Woori Finance is decided.

At the same time, the agency said it changed the outlook to negative for Woori Bank because it is unclear at which level the ratings of Woori Finance and Woori Bank will equalize.

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