Moody's rates KDB issue A3

Moody's Investors Service said it assigned an A3 rating to Korea Development Bank's proposed $500 million senior unsecured issuance due 2009. The outlook is stable.

Moody's said the rating reflects the bank'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 sectors.

Korea Development Bank also plays a critical role in the country's reform efforts - it provides funds to restructuring corporates with liquidity needs, according to Moody's. Its policy function ensures strong government support but negatively impacts its intrinsic financial strength.

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