S&P rates Korea Development bonds A

Standard & Poor's said it assigned an A senior unsecured long-term foreign-currency debt rating to Korea Development Bank's (foreign-currency A/negative/A-1) proposed dollar bonds.

The outlook is negative.

The proposed bonds will not be directly guaranteed by the Republic of Korea (foreign-currency A/stable/A-1).

Ratings are based on the bank's public policy role as the primary governmental financial institution that extends medium- to long-term financial facilities that support the industrial policy objectives of the government of the Republic of Korea, which fully owns the bank, the agency said.

Ratings are supported by the bank's robust policy role and the strong financial support it receives from the government, the agency noted.

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