Moody’s gives Korea Gas notes Aa2

Moody’s Investors Service said it assigned an Aa2 rating to the proposed senior dollar notes to be issued by Korea Gas Corp. (Aa2 stable). The outlook is stable.

The notes will be issued under Kogas' existing $11 billion medium-term note program.

The company plans to use the whole or part of the proceeds to finance and/or refinance projects associated with renewable energy, clean transportation, green building and social welfare.

“The Aa2 rating primarily reflects Moody's assessment of a very high likelihood of extraordinary support for Kogas from the Korean government, because of Kogas' important public policy role and strategic importance, and the government's low tolerance for reputational and contagion risks,” Mic Kang, Moody's vice president and senior credit officer, said in a news release.

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