Moody's rates KNOC MTN drawdown A2

Moody's Investors Service said it assigned an Aa2 rating to Korea National Oil Corp.’s planned senior unsecured dollar-denominated notes.

The notes will be issued under KNOC's $12 billion global medium-term note program, which is rated (P)Aa2.

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

KNOC plans to use the proceeds mainly for general corporate purposes.

The outlook on KNOC is stable.

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