Fitch rates Korea Development Bank notes AA-(EXP)

Fitch Ratings said it assigned Korea Development Bank's proposed long-term senior unsecured dollar-denominated notes an expected AA-(EXP) rating.

The notes will be issued under the bank's existing $3 billion shelf program, last updated on June 24 at the U.S. Securities and Exchange Commission. The tenor would 5.5 years and the issue size has yet to be determined.

The proceeds will be used for Korea Development's general operations, including repayment of maturing debt and other obligations.

Fitch said the notes are rated at the same level as Korea Development's long-term foreign currency issuer default rating as they will constitute direct, unconditional, unsecured and unsubordinated obligations of the bank.

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