Moody's rates Korea Development Bank floaters A3

Moody's Investors Service said it has assigned an A3 rating to Korea Development Bank's proposed $300 million floating-rate notes due 2011.

The outlook for the rating is positive.

The agency said the rating reflects Korea Development Bank's special status as South Korea's primary developmental finance institution. The bank functions as a conduit for funds derived from domestic and foreign sources that are channeled to strategic, and often underserved, sectors of the South Korean economy, and its policy function ensures strong government support. The bank also plays a critical role in the country's reform efforts: it provides funds to restructuring corporates with liquidity needs.

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