IDR

PNB's Long-Term IDR is at the same level as its Support Rating Floor, which, together with its Support Rating of '2', reflects its importance to the state as the second-largest state-owned bank (with 72% state ownership) and a pan-India franchise with adequate shares in system deposits and assets.

Long-Term Foreign-Currency IDR affirmed at 'BB+' Outlook Stable

The rating actions follow Fitch's downgrade of Tunisia's Long-Term Local Currency IDR to 'BB-' from 'BB' as a result of which it is now equalized with Tunisia's Long-Term Foreign Currency IDR.

"The rating of the current outstanding certificates maturing in January 2017 and January 2018 respectively, under EI Sukuk Company Ltd (EI Sukuk, previously EIB Sukuk Company Ltd.), are driven by ENBD's Long-Term IDR of 'A+'/Stable.

Instead, the 2014 directive's provision for upfront discussions between taxpayers and examiners before an IDR is issued appears to be streamlining the IDR process.

If a taxpayer di>es not provide an IDR response within the specified period in the presummons letter, initiate the process to issue a summons to the taxpayer.

The Directive was immediately effective for changes in the IDR issuance process.

The IDR is the formal vehicle by which IRS examiners solicit specific documents and information they think may be relevant to determining the validity of specific tax return positions.

The bank's long-term foreign-currency IDR is in turn based on the support rating floor of A-, reflecting the "extremely high" likelihood of government backup, if needed, given Woori's position as one of the leading commercial lenders in the country and the state's indirect majority stake in the bank.

The notes' rating is therefore in line with NBE's Long-term IDR.