Moody's rates NACF notes Baa1

Moody's Investors Service said it assigned a Baa1 rating to National Agricultural Cooperative Federation (NACF)'s new $400 million subordinated lower tier II notes due March 2015 under the updated $2.5 billion global medium-term note program.

The outlook is stable.

The rating reflects NACF's important policy role and significance to Korea's banking system. Its mandate is to provide financing and support for the development of the agricultural sector in Korea, a vital and crucial part of the economy. Moreover, its position as the financing arm of the Ministry of Agriculture & Forestry further strengthens its important function, Moody's said.

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