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Published on 1/18/2012 in the Prospect News Emerging Markets Daily.

Moody's: Korea Land notes A1

Moody's Investors Service said it assigned an A1 rating to Korea Land and Housing Corp.'s proposed senior unsecured Hong Kong dollar-denominated notes.

The outlook is stable.

The notes will rank pari passu with the company's other senior unsecured obligations.

The proceeds will be used for general corporate purposes.

The rating primarily reflects the company's distinct policy role and high operational integration with the Korean government, Moody's said, as well as the strong support from the government as evidenced by the regular financial assistance.

These factors suggest that Korea Land's credit profile is closely linked to that of the government, the agency said.

As the primary execution arm of the government's land and housing policies, Korea Land continues to undertake pivotal policy roles, Moody's said.

The agency also said it expects the company's strategically important role to the country will largely remain intact over the long term.


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