S&P rates National Agriculture notes A

Standard & Poor's said it assigned an A rating to National Agricultural Cooperative Federation's (A/stable/A-1) proposed issuance of dollar-denominated senior unsecured five-year notes. The notes are to be drawn down from a $4 billion global medium-term note program.

The A long-term counterparty rating reflects the issuer's "good market position, modest capitalization and strong likelihood of government support considering the bank's overall political and economic importance to Korean agriculture," S&P credit analyst YuMee Oh said in a written statement.

"The rating also incorporates the NACF's relatively weak profitability on a standalone basis," Oh added.

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