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

Moody's Investors Service said it assigned a prime-1 rating to Industrial Bank of Korea's $1 billion commercial paper program. The program allows for the issuance of notes in various currencies and up to no more than 365 days of tenor. The 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, provides for the bank's policy function and strong sovereign support, the agency added.

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