Moody's assigns Aa2 to Korea Ocean notes

Moody's Investors Service said it assigned long-term and short-term foreign currency senior unsecured program ratings of prospective Aa2 and prospective P-1, respectively, to Korea Ocean Business Corp.'s (KOBC) $5 billion medium-term note program.

At the same time, Moody's assigned a long-term foreign currency senior unsecured rating of Aa2 to the senior unsecured notes to be issued under the MTN program.

The entity-level outlook on KOBC is stable.

The ratings on the MTN program and the proposed senior notes are in line with KOBC's long-term and short-term issuer ratings, Moody’s said.

Proceeds from the senior notes will be used for general corporate purposes, including repayment of existing debt.

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