S&P gives Korea Development Bank floaters A

Standard & Poor's said it assigned its A senior unsecured long-term foreign currency debt rating to Korea Development Bank's (KDB, foreign currency A/stable/A-1, local currency A-1) €500 million floating-rate notes due 2011.

The global notes will be drawn down from KDB's $5 billion euro medium-term note program, also rated A, the agency noted.

S&P said its issuer credit ratings on KDB are based on the bank's public policy role as the primary governmental financial institution that extends medium- to long-term financial facilities to support the industrial policy objectives of the government of the Republic of Korea (foreign currency A/stable/A-1, local currency A+/stable/A-1).

"The ratings also incorporate the strong direct support from the Korean government, including capital injections and provision of loans," said S&P credit analyst Takahira Ogawa.

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