Moody's rates Industrial Bank of Korea bonds A3

Moody's Investors Service said it assigned an A3 rating to the Industrial Bank of Korea's Y50 billion Japanese yen bonds - second series (2007) due 2012. The rating is subject to receipt of final documentation, the terms and conditions of which have not changed in any material way from the draft documents received.

The outlook is positive, which is in line with the outlook of Korea's sovereign.

Industrial Bank of Korea plays an important policy function providing working capital loans and facility loans to SMEs, funded by deposits, borrowings and small- and medium-industry finance bonds, the agency said.

The bank's other ratings include a bank financial strength rating of D- with positive outlook, long- and short-term deposit ratings of A3 with positive outlook, prime-2 debt rating with stable outlook, subordinated debt rating of Baa1 with positive outlook and short-term debt rating of prime-1 with stable outlook.

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