Moody's assigns KNOC notes Aa2

Moody's Investors Service said it assigned Korea National Oil Corp.’s planned senior unsecured dollar-denominated notes an Aa2 rating. The notes will be issued under KNOC's $10 billion global medium-term note program, which is rated (P)Aa2.

"The Aa2 rating primarily reflects our assessment of a very high likelihood of extraordinary support from and a very high dependence on the government of Korea," said Wan Hee Yoo, a Moody's vice president and senior credit officer, in a press release.

KNOC plans to use the proceeds for general corporate purposes.

The outlook is stable.

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