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Moody's rates Korea National Oil long-term A3
Moody's Investors Service said it assigned a local currency issuer rating and a foreign currency long-term rating of A3 to Korea National Oil Corp.
The outlook is stable.
Moody's said it expects Korea National Oil to maintain high capital investment requirement, which will likely be funded by a combination of operating cash flow, government capital and external debt.
However, Moody's said a large part of its debt represents long-term government loans with low interest rates. Moody's said these loans are unlikely to be recalled to Korea National Oil's financial detriment, thereby mitigating its financial leverage.
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