Moody's rates KDB bond

Moody's Investors Service said it assigned an A3 rating to the Korea Development Bank's proposed Japanese yen-denominated bond issuance - 22nd series (2004) due 2009.

The outlook is negative.

Moody's said the rating reflects KDB's special status as 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 under-served, sectors. KDB also plays a critical role in the country's reform efforts - it provides funds to restructuring corporations with liquidity needs. Its policy function ensures strong government support but negatively impacts its intrinsic financial strength.

The other ratings of the bank are: long-term/short-term deposit of A3/Prime-2. The ratings carry a negative outlook. The bank financial strength rating is E+ and carries a stable outlook.

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