S&P assigns AA to Korean Air notes

S&P said it assigned its AA long-term issue rating to the senior unsecured notes that Korean Air Lines Co. Ltd. plans to sell. The Korea Development Bank will guarantee the notes.

“We equalize the rating on the notes with the foreign currency issuer credit rating on KDB to reflect our view that the guarantee is irrevocable and unconditional. We also view the guarantee as one for timely payment. Therefore, the issuance qualifies for rating substitution treatment,” S&P said in a press release.

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