S&P rates KDB notes A-

Standard & Poor's said it assigned its A- senior unsecured long-term foreign currency debt rating to Korea Development Bank's (foreign currency A-/stable/A-2, local currency --/--/A-1) $500 million floating-rate global notes due 2009.

S&P said its issuer credit ratings are based on the bank's public policy role as the primary governmental financial institution that extends medium- to long-term financial facilities to support the Korean government's (foreign currency A-/stable/A-2, local currency A+/stable/A-1) industrial policy objectives.

"The ratings also incorporate the strong direct support from the Korean government, including capital injections and provision of loans," said S&P credit analyst Takahira Ogawa.

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