Moody's rates Industrial Bank of Korea notes A2

Moody's Investors Service said it assigned an A2 rating to the Industrial Bank of Korea's proposed dollar-denominated senior notes due 2014. The rating is subject to receipt of final documents.

The outlook is stable.

The rating reflects the bank's important policy function of providing working capital and facility loans to small- and medium-sized enterprises, a role that will continue despite a likely decline in its profitability, given expectations of an economic slowdown for the next several quarters, Moody's said.

At the same time, the Industrial Bank of Korea Act provides for its policy function and strong sovereign support, the agency said.

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