Moody’s ups Woori, changes view

Moody's Investors Service upgraded Woori Bank's long-term foreign currency deposit and senior unsecured ratings to A1 and changed the outlook on the ratings to stable.

The bank's baseline credit assessment, adjusted baseline credit assessment and all other long-term ratings, including its long-term counterparty risk assessment, were also upgraded by one notch.

Moody's also affirmed the bank's short-term ratings and short-term counterparty risk assessment and upgraded the long-term foreign currency and local currency issuer ratings of Woori Card to A3, which incorporates a four-notch uplift from its standalone credit profile of ba1.

The agency withdrew the outlooks on Woori Card's instrument rating.

The actions conclude the review for upgrade placed on Woori in December.

“The upgrade of Woori Bank's long-term ratings takes into account the improvements the bank has achieved in its asset quality and capitalization,” Moody’s said in a news release.

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