S&P gives Korea Development Bank bond 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) ¥30 billion 0.87% No. 23 samurai bond due 2010.

The agency said its credit ratings on the bank are based on its public policy role as the primary governmental financial institution that extends medium- to long-term financial facilities to support the Korean governments' (foreign currency A-/stable/A-2; local currency A+/stable/A-1) industrial policy objectives.

S&P added that the ratings incorporate the strong direct support from the government, including capital injections and provisions of loans, and the government's legal obligation to maintain the bank's solvency.

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