Moody's rates Korea Development Bank notes Aa3

Moody's Investors Service said it assigned Aa3 ratings to Korea Development Bank's Japanese Yen fixed-rate twenty-sixth series notes due October 2010 and Japanese Yen fixed-rate twenty-seventh series notes due October 2012.

The outlook is stable.

The agency said the ratings reflect the 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 Korean economy. The bank also plays a critical role in the country's reform efforts - it provides funds to restructuring corporates with liquidity needs - and its policy function ensures strong government support, Moody's said.

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