Moody's rates Korean Air bonds Aa2

Moody's Investors Service said it gave an Aa2 rating to the yen-dominated senior unsecured bonds to be issued by Korean Air Lines Co., Ltd. and guaranteed by the Export-Import Bank of Korea (Kexim).

“The Aa2 rating of the bonds reflects Kexim's foreign-currency senior unsecured rating, because Kexim provides an unconditional guarantee on the bonds. Kexim's payment obligations under the guarantee will at all times rank at least pari passu with all of its present and future unsubordinated and unsecured obligations,” Moody’s said in a press release.

Korean Air will use the proceeds to repay debt.

The outlook is stable.

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