Moody's affirms Korea National Oil

Moody's Investors Service said it affirmed its A1 issuer and senior unsecured bond ratings on Korea National Oil Corp.

The outlook is stable.

The affirmation follows news that the company made a cash offer for the all of the issued ordinary shares and convertible bonds of Dana Petroleum plc, Moody's said. The offer is valued at about $2.9 billion.

The rating reflects the company's distinct policy role and its high operational integration with the government, Moody's said.

These factors enhance the company's credit profile and indicate that the rating is closely linked to that of the government, the agency said.

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