Moody's assigns Lotte Property notes Aa3

Moody's Investors Service said it assigned an Aa3 rating to the planned dollar-denominated backed senior unsecured notes to be issued by Lotte Property & Development Co., Ltd. and guaranteed by Kookmin Bank, which the agency rates Aa3.

“The Aa3 rating on the proposed notes reflects the Aa3(cr) long-term counterparty risk (CR) assessment assigned to Kookmin Bank because the bank provides an unconditional and irrevocable guarantee on the notes,” the agency said in a press release.

Lotte Property & Development plans to use the proceeds mainly to finance or refinance new and existing eligible projects as defined in the sustainable finance framework.

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