Moody's rates Korea Development Bank floaters A3

Moody's Investors Service said it assigned an A3 rating to the Korea Development Bank's (KDB) proposed €500 million senior unsecured floating-rate note issuance due 2011.

The outlook is stable.

Moody's said the rating reflects KDB's special status as Korea's primary developmental finance institution as the bank functions as a conduit for funds derived from domestic and foreign sources that are channeled to strategic and often under-served, sectors of the Korean economy.

The other ratings of the bank are long-term/short-term deposit ratings of A3/Prime-2 and D- bank financial strength rating, Moody's noted.

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