Moody's assigns Korea Land program A1

Moody's Investors Service said it assigned a provisional A1 rating to Korea Land and Housing Corp.'s (KLHC) proposed $1 billion global medium-term note program.

The agency also affirmed Korea Land's A1 issuer and senior unsecured ratings.

The notes to be issued under the program will rank pari passu with the company's other senior unsecured obligations.

The outlook is stable.

"The A1 rating primarily reflects the very high likelihood of governmental support in a distressed situation, given KLHC's strategic policy roles and the government's low tolerance for reputational and contagion risks as a result of a default," Moody's vice president and senior credit officer Chris Park said in a news release.

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