Fitch rates Korea National Oil bond AA-

Fitch Ratings said it assigned Korea National Oil Corp.’s (AA-/stable) proposed dollar-denominated bond an expected rating of AA-(EXP).

The bond will be issued under the company's global medium-term note program, which is also rated AA-.

Net proceeds will be used to refinance existing debt and for general corporate purposes.

Fitch said the notes are rated at the same level as Korea National Oil’s senior unsecured rating as they represent the company's direct, unconditional, unsecured and unsubordinated obligations.

The ratings and stable outlook reflect strong ties with the South Korean state (AA-/stable) and Korea National Oil’s status as a key vehicle in the execution of Korea's energy policy.

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