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 company’s existing $3 billion global medium-term note program, which is rated provisional A1.

Proceeds will be used to refinance Korea Resources’ $500 million notes due May 2018.

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

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