Moody's rates 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 with a stable outlook.

The notes will rank pari passu with Korea Land's other senior unsecured obligations.

The proceeds from the notes will be used for general corporate purposes.

"The A1 rating primarily reflects Korea Land's distinct policy role and high operational integration with the Korean government (rated Aa3 stable), 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," Moody's vice president and senior credit officer Chris Park said in a news release.

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