Fitch rates Korea Development notes AA-

Fitch Ratings said it assigned Korea Development Bank's proposed long-term senior unsecured Australian dollar denominated notes an expected AA-(EXP) rating. The issue size is A$400 million and tenor is three years.

The final rating is contingent upon the receipt of final documents conforming to the information already received.

The agency said the notes are rated at the same level as the company's long-term issuer default rating as they will constitute direct, unconditional, unsecured and unsubordinated obligations of the bank.

The bank's issuer default rating is equalized with South Korea's sovereign rating, reflecting de facto solvency guarantee by the government for the bank. As such, the rating will be directly impacted by changes in the sovereign rating.

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