Moody's rates Korea National bonds A3

Moody's Investors Service said it assigned an A3 debt rating to the proposed five-year senior unsecured bonds, First Series (2004), for ¥30 billion issued by Korea National Housing Corp.

The outlook is stable.

The bond proceeds will be used to fund new town development and construction of National Rental Housing as well as redeem privately placed Japanese yen-denominated bonds which will mature in November

Moody's said the A3 rating reflects Korea National Housing's importance as the government arm charged with nationally implementing Korea's public housing policy and as the major provider of low-income housing. The rating also reflects the government's long-established track record of providing direct funding assistance to Korea National Housing in the form of equity contributions and loans from the National Housing Fund.

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