Moody’s rates Korean Air notes Aa2

Moody's Investors Service said it assigned an Aa2 rating to the yen-denominated senior unsecured bonds to be issued by Korean Air Lines Co., Ltd. and guaranteed by Export-Import Bank of Korea (Kexim, Aa2 stable/P-1).

The Aa2 rating of the bonds is based on Kexim's foreign currency senior unsecured rating, because Kexim provides an unconditional guarantee on the bonds, Moody’s said.

The guarantee is effectively a senior unsecured obligation of Kexim, because 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, the agency said.

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