Moody’s rates Kogas notes Aa3

Moody’s Investors Service said it assigned an Aa3 rating to the proposed senior unsecured dollar-denominated notes to be issued by Korea Gas Corp. (Kogas).

The outlook is positive.

The notes will be issued under Kogas’ existing $8 billion global medium-term note program, the agency said.

The proceeds will be for general corporate purposes, including capital expenditure, refinancing and working capital, Moody’s said.

The ratings reflect an assessment of a very high likelihood of government support to Kogas, if needed, because of its important strategic policy role in ensuring a stable natural gas supply and improving Korea’s self-sufficiency for natural gas, the agency said.

The ratings also consider its close relationship with the Korean government, Moody’s said.

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