Woori Bank's Fitch Credit Rating Upgraded to 'A'

Upward Adjustment After 16 Years

[Asia Economy Reporter Jin-ho Kim] Woori Bank announced on the 30th that Fitch, one of the world's top three international credit rating agencies, upgraded Woori Bank's long-term credit rating from A- to ‘A’. Fitch also upgraded Woori Bank's short-term credit rating from F1 to the highest rating of ‘F1+’, and Woori Bank's own credit rating was raised one notch from bbb+ to ‘a-’.

Earlier in June, Standard & Poor's (S&P) also upgraded Woori Bank's long-term credit rating from A to 'A+', and its own credit rating from bbb+ to 'a-' by one notch each.

The recent upgrade is the result of Fitch, which had maintained Woori Bank's credit rating at A- for the past 16 years since 2005, highly evaluating efforts across all areas including ▲management capability ▲risk management ▲improvement in asset soundness and profitability ▲stable capital management capability, according to a Woori Bank official.

A Woori Bank official said, “This credit rating upgrade is the result of Woori Bank's continuous efforts to improve its fundamentals,” adding, “With the credit rating upgrade, not only will the business environment in overseas markets improve, but funding costs are also expected to decrease.”

Meanwhile, Woori Bank's net profit for the first half of this year, announced on the 21st, recorded an earnings surprise by exceeding market expectations with 1.2793 trillion won.

This content was produced with the assistance of AI translation services.