Moody's rates Korea National Oil notes A1

Moody's Investors Service said it assigned an A1 rating to Korea National Oil Corp.'s proposed senior unsecured dollar-denominated notes.

The notes will be issued under its existing global medium-term notes program, which was upsized to $6 billion from $4 billion in September, the agency said.

The outlook is stable.

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

The rating is in line with the company's issuer rating, reflecting its 100% ownership by the Korean government, the agency said.

The higher leverage is offset by the government's support through on-going capital injections and funding, as well as the company's strong access to the capital markets, Moody's said.

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