Moody’s ups Harvest Operations

Moody's Investors Service said it upgraded the rating for the bonds issued by Harvest Operations Corp. and guaranteed by Korea National Oil Corp. (Aa3 stable) to Aa3 from A1.

Harvest's other ratings and outlook remain unchanged.

The $630 million senior unsecured notes are unconditionally and irrevocably guaranteed by Korea National Oil and were upgraded because Korea National Oil’s issuer and senior unsecured debt ratings were upgraded to Aa3 from A1.

The existing $500 million unsecured and unguaranteed notes are rated B1, reflecting the priority ranking of the company's secured C$1 billion revolving credit facility and limited cushion provided by the two subordinated intercompany loans of about $170 million and C$200 million.

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