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Moody’s: 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. (KNOC).
The outlook is stable.
The notes will be issued under Korea National Oil’s existing $9 billion global medium-term note program, which is rated provisional Aa2.
Proceeds will mainly be used to repay maturing debt.
"The Aa2 rating reflects the high likelihood of timely extraordinary support from the Korean government, given KNOC's important policy roles and the high reputational and contagion risks that may arise if it were to default," Moody's vice president and senior analyst Wan Hee Yoo said in a news release.
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