Moody’s rates Korea National Oil notes Aa2

Moody’s Investors Service said it assigned an Aa2 rating to the proposed senior unsecured dollar-denominated notes to be issued by Korea National Oil Corp.

The outlook is stable.

The notes will be issued under the company’s existing $9 billion global medium-term note program, which has a provisional Aa2 rating.

The proceeds will be used to repay maturing borrowings and bonds, Moody’s said.

The ratings reflect the high likelihood of timely extraordinary support from the Korean government, given its important policy roles, the agency said.

The ratings benefit from expected support from the government of Korea under the agency’s criteria for government-related issuers, Moody’s said.

The company has important mandated policy roles to ensure stable domestic oil supplies and improve the country’s self-sufficiency in oil and gas, the agency said.

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