Fitch gives AA- to KNOC notes

Fitch Ratings said it assigned Korea National Oil Corp.’s (KNOC, AA-/ stable) proposed Swiss franc notes due June 2023 an expected rating of AA-(EXP).

The notes will be issued under the company's global medium-term note program, which is also rated AA-.

KNOC will use the net proceeds to refinance existing debt and for general corporate purposes.

The notes are rated at the same level as KNOC's senior unsecured rating as they represent the direct, unconditional, unsecured and unsubordinated obligations of the company.

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