Moody's rates Korea Development Bank

Moody's Investors Service said it assigned an A1 rating to Korea Development Bank's proposed dollar-denominated senior unsecured notes under its $4 billion registered shelf program.

The outlook is stable.

The rating is subject to receipt of final documents.

The rating is underpinned by government support for the bank under law, which requires the government to replenish the bank's deficits if its reserves are insufficient to cover losses, Moody's said.

This clause will remain intact as long as government ownership on the KDB Financial Group, the holding company of the bank, stays above 50%, the agency said.

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