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Moody's rates NongHyup notes A1
Moody's Investors Service said it assigned an A1 rating to the proposed dollar-denominated senior notes to be issued by NongHyup Bank, and which would be a drawdown from its $8 billion global medium term note program.
The outlook is stable.
Moody's said the rating incorporates two factors: (a) the bank's standalone financial strength rating of D+, which maps to a Baa3 standalone credit profile on the long-term scale; and (b) Moody's assessment of the very high probability of government support (a component of joint default analysis, referred to as JDA).
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