Moody's gives A1 to Korea Resources notes

Moody's Investors Service said it assigned an A1 rating to the proposed senior unsecured U.S. dollar-denominated notes to be issued by Korea Resources Corp. (Kores, A1 stable).

The notes will be issued under Kores’ $5 billion global medium-term note program, which is rated (P)A1.

The outlook on the company remains stable.

Korea Resources plans to use the proceeds from the notes to refinance its outstanding $500 million notes due April 2021.

“The A1 rating primarily reflects our assessment of Kores’ very high likelihood of extraordinary support from, and a very high dependence on the Government of Korea,” said Wan Hee Yoo, a Moody's vice president and senior credit officer, in a news release.

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