Moody's rates Korea Gas notes A2

Moody's Investors Service said it assigned an A2 senior unsecured rating to Korea Gas Corp.'s proposed dollar-denominated notes, and affirmed the company's A2 issuer rating.

The outlook is stable.

The proceeds will be used for general corporate purposes, including capital expenditure and refinancing of maturing debt.

The rating reflects the company's dominant market position, critical policy role and tight government supervision, Moody's said, as well as the support that the Korean government is likely to provide in a distressed situation.

Such strengths are partly offset by its moderate financial metrics and exposure to fluctuating fuel costs, Moody's said.

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