Moody’s rates Harvest Operations notes Aa2

Moody's Investors Service said it assigned an Aa2 rating to Harvest Operations Corp.'s proposed $450 million (maximum) 2.33% senior unsecured notes due 2021.

The offering, guaranteed by Korea National Oil Corp. (KNOC, Aa2 stable), will be issued as part of an exchange offer, at a price of 90, on Harvest's $500 million senior unsecured notes that mature in October 2017.

All existing ratings of Harvest, including the Caa1 corporate family rating, and the negative outlook are unchanged.

"Harvest is proactively refinancing its upcoming debt maturity with this senior notes offering, supporting its liquidity in this weak commodity price environment," Moody's assistant vice president and analyst Paresh Chari said in a news release.

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