Moody’s gives Korea Development Bank Singapore branch Aa2

Moody’s Investors Service said it assigned Aa2 long-term foreign currency senior unsecured debt ratings to Korea Development Bank, Singapore Branch with a stable outlook.

At the same time, Moody’s assigned long-term local currency and foreign currency senior unsecured medium-term note ratings of (P)Aa2.

“Obligations of a bank’s branch are assigned the same rating as those we assign to the bank itself. This is because the branch forms part of the same legal entity. Therefore, KDB’s Singapore branch is assigned the same rating as that of Korea Development Bank (KDB, Aa2 stable, ba2),” said Moody’s in a press release.

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