Moody's assigns Korea Development Bank floaters A3

Moody's Investors Service said it assigned an A3 rating to the Korea Development Bank's $500 million floating-rate notes. The outlook is stable.

The rating reflects the bank's special status as Korea's primary developmental finance institution, Moody's noted.

The bank functions as a conduit for funds derived from domestic and foreign sources that are channeled to strategic and often underserved sectors, the agency said, noting Korea Development Bank also plays a critical role in the country's reform efforts by providing funds to restructuring corporates with liquidity needs.

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