S&P gives A+ to Harvest bond

Standard & Poor's said it assigned its A+ issue-level rating to Harvest Operations Corp.'s (BB-/negative/--) proposed senior unsecured Rule 144A bond issue, with an expected issue size of up to $650 million.

Harvest's parent company, Korea National Oil Corp., is guaranteeing this bond issue, and in S&P's opinion, the guarantee's terms meet S&P's criteria for credit substitution of the rating that S&P has on the parent company's foreign-currency senior unsecured debt (A+).

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