Moody's rates Industrial Bank of Korea paper prime-1

Moody's Investors Service said it assigned a prime-1 rating to the Industrial Bank of Korea's $1 billion euro-commercial paper program. This rating is subject to receipt of final documents.

The outlook is stable.

The rating reflects the bank's important policy function providing working capital loans and facility loans to SMEs, Moody's said.

The rating also is underpinned by the Industrial Bank of Korea Act, under which the bank operates, the agency said.

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