Moody’s rates KDB unit’s green notes Aa2

Moody’s Investors Service said it assigned an Aa2 rating to the proposed backed senior dollar green notes to be issued by Hanwha Energy USA Holdings Corp. and guaranteed by Korea Development Bank (KDB; Aa2 stable, ba2). The outlook is stable.

Hanwha Energy USA plans to use the proceeds from the issuance to finance and/or refinance, in whole or in part, new or existing projects related to renewable energy.

The agency said the rating assigned to Hanwha Energy USA's notes reflects the Aa2(cr) long-term counterparty risk assessment assigned to Korea Development Bank, because Moody's believes that the terms of the unconditional and irrevocable guarantee that Korea Development Bank provides on the notes are sufficient for credit substitution.

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