Moody’s assigns NongHyup notes A1

Moody's Investors Service said it assigned an A1 rating to NongHyup Bank's proposed €35 million senior unsecured notes to be drawn from its $8 billion global medium-term note program.

The outlook is stable.

NongHyup Bank is one of the four policy banks in Korea. It plays a role in implementing the government's agriculture-related financing policies. Its ultimate parent is the National Agricultural Cooperative Federation (unrated).

"NongHyup's A1 rating reflects its policy role of providing financing and support for developing Korea's agricultural sector and, consequently, the government support that we expect it to receive," Moody's vice president and senior analyst Sophia Lee said in a news release.

"Moreover, Moody's views NongHyup as important to Korea's banking system, as it is the fifth-largest domestic bank by assets, with a 10.4% share of total system assets and a 13.0% share of system deposits at end-March 2014."

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