Moody’s gives Korea National Oil notes Aa2

Moody’s Investors Service said it assigned an Aa2 rating to the proposed CHF 300 million senior notes to be issued by Korea National Oil Corp. (Aa2 stable).

The outlook remains stable.

The notes will be issued under an existing $9 billion global medium-term note program.

Proceeds will be used for general corporate purposes, including working capital, capital spending and the repayment of outstanding borrowings.

“The Aa2 rating primarily reflects our assessment of KNOC's very high likelihood of extraordinary support from and very high dependence on the Government of Korea,” Wan Hee Yoo, Moody's vice president and senior credit officer, said in a news release.

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