Moody’s rates Hanjin notes Aa2

Moody's Investors Service said it assigned an Aa2 rating to Hanjin International Corp.’s dollar-backed senior unsecured notes guaranteed by Export-Import Bank of Korea (Kexim; Aa2/P-1 stable).

The outlook is stable.

Hanjin plans to use the proceeds to repay its $300 million guaranteed floating-rate notes due in October and guaranteed by Kexim.

“The Aa2 rating of the notes is based on Kexim's foreign currency senior unsecured rating, because Kexim provides an unconditional and irrevocable guarantee on the notes,” the agency said in a news release.

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