Moody’s rates Korea Resources notes A1

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

The outlook is stable.

The notes will be issued under the existing $3 billion global medium-term note program, which is rated provisional A1.

Korea Resources plans to use the proceeds for general corporate purposes, including for capital expenditure.

"The A1 rating reflects the high likelihood of timely extraordinary support from the Korean government, given Kores' important policy roles and the high reputational and contagion risks that may arise if it were to default," Moody's vice president and senior credit officer Wan Hee Yoo said in a news release.

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