Moody's gives Korea Gas notes A1

Moody's Investors Service said it assigned a provisional A1 rating to Korea Gas Corp.'s proposed $3 billion global medium-term note program, along with an A1 rating to its proposed dollar-notes drawdown under the program.

The outlook is stable.

The proceeds will be used for general corporate purposes.

The rating reflects the company's baseline credit assessment of 8, which is equivalent to Baa1 rating on Moody's global scale and the support that the Korean government is likely to provide in a distressed situation, the agency said.

The ratings are underpinned by the company's dominant market position in Korea's natural gas industry, along with its critical policy role and tight government supervision, Moody's said.

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