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Moody's assigns Aa2 to Korean Air bonds
Moody's Investors Service said it assigned a Aa2 rating to the Japanese yen-denominated 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 for general corporate purposes, including the repayment of debt.
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