Moody's rates Industrial Bank of Korea bonds Aa3

Moody's Investors Service said it assigned Aa3 ratings to the Industrial Bank of Korea's Japanese yen floating-rate bonds - first series (2007) due November 2009; Japanese yen bonds - third series (2007) due November 2009; and Japanese yen bonds - fourth series (2007) due November 2012. The latter two pay fixed-rate coupons.

The outlook is stable.

These ratings are subject to final documents.

The ratings are underpinned by the Industrial Bank of Korea Act, under which the bank operates, provides for the bank's policy function and strong sovereign support, Moody's said.

The act also stipulates that the government will maintain full control over the management, policies and operations of the bank, regardless of whether it holds a majority stake, the agency added.

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