Woori Bank's long-term credit rating raised to A by Fitch

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Woori Bank's long-term credit rating raised to A by Fitch

Fitch Ratings upped Woori Bank's long-term credit rating to A from A-, the bank said Friday, the first upgrade in 16 years.
 
Fitch had kept the bank's long-term issuer default rating at A- since 2005.
 
The ratings agency said the upgrade reflected its "belief of an extremely high probability of support from the Korean government, if required," adding that its view was "based on Woori's systemic importance as one of the country's largest commercial banks, holding 12 percent of the banking system's total loans and 14 percent of deposits."
 
 
 

BY KIM JEE-HEE [kim.jeehee@joongang.co.kr]
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