(The following was released by the rating agency)
HONG KONG (Standard & Poor's) July 10, 2012--Standard & Poor's Ratings Services said today that it has assigned its 'A' rating to Industrial Bank of Korea's (IBK; A/Stable/A-1) proposed U.S. dollar-denominated senior unsecured bonds. The bonds will be drawn down from the bank's US$8 billion global medium-term note program. The rating on the unsecured debt is subject to final documentation.
IBK intends to use the bond proceeds for general corporate purposes. The notes will constitute direct, unconditional, unsecured, and unsubordinated obligations of the bank. They will rank pari passu with all other unsecured and unsubordinated obligations of the bank.
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