S&P rates National Agricultural Cooperative notes A-

Standard & Poor's said it assigned its A- rating to the proposed five-year $250 million senior unsecured notes to be issued by National Agricultural Cooperative Federation (NACF, A-/stable/A-2).

The notes are to be drawn down from a $2.5 billion global medium-term note program, the agency said.

"Due to the strong likelihood of support from the Korean government, fluctuation in NACF's fundamental financial profile is not as likely to affect the credit ratings on the federation as much as it would for most rated commercial banks in Korea," said S&P credit analyst YuMee Oh.

The federation generates most of its profits from its banking operations, the third largest in Korea, S&P added.

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