Moody's assigns Aa2 to KLHC drawdown

Moody's Investors Service said it assigned an Aa2 rating to the planned senior unsecured dollar-denominated notes to be issued by Korea Land and Housing Corp.

The notes will be issued under KLHC's $5 billion global medium-term note program, which is rated (P)Aa2.

"The Aa2 rating primarily reflects our assessment that KLHC's credit quality is closely linked to that of the Korean government, because of the very high likelihood of KLHC receiving extraordinary support from the government," said Wan Hee Yoo, a Moody's vice president and senior credit officer, in a statement.

KLHC plans to use the proceeds to finance or refinance projects in social eligible categories under its social, green and sustainability bond framework.

The outlook on KLHC is stable.

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