Moody's rates Doosan Infracore notes Aa2

Moody's Investors Service said it assigned an Aa2 rating to the dollar-denominated backed senior unsecured notes to be issued by Doosan Infracore Co., Ltd. and guaranteed by Korea Development Bank.

The outlook is stable.

The proceeds from the notes will be used for repayment of outstanding indebtedness and for general corporate purposes, Moody's said.

The Aa2 rating on the notes is based on the bank's foreign-currency senior unsecured rating because the bank provides an unconditional and irrevocable guarantee on the notes, the agency said.

The guarantee is effectively a senior unsecured obligation of Korea Development Bank because the bank's payment obligations under the guarantee will at all times rank at least pari passu with all of its present and future unsecured obligations, Moody's explained.

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