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Published on 2/6/2014 in the Prospect News Emerging Markets Daily.

Moody's rates Korea Gas notes A1

Moody's Investors Service said it assigned an A1 rating to the proposed senior unsecured dollar-denominated notes to be issued by Korea Gas Corp. (Kogas, A1 stable).

The outlook is stable.

The notes will be issued under the company's existing global medium-term notes program ((P)A1), which was upsized to $8 billion from $5 billion on Jan. 24.

The company plans to use the proceeds for general corporate purposes, including capital expenditure, refinancing and working capital.

"The rating reflects the high likelihood of timely, extraordinary support from the Korean government to Kogas, because of its important policy roles and the high reputational and contagion risks that may arise if it defaults," Moody's vice president and senior analyst Mic Kang said in a news release.


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