(The following was released by the rating agency)
HONG KONG (Standard & Poor‘s) Jan. 15, 2013--Standard & Poor’s Ratings Services today assigned its ‘A’ rating to Korea Development Bank’s (KDB; foreign currency A/Stable/A-1; local currency --/--/A-1) shelf registration drawdown of proposed U.S. dollar-denominated senior unsecured bonds. The rating is subject to final documentation on the bonds.
KDB intends to use the bond proceeds for the bank’s general operations, including extending foreign currency loans and repaying maturing debt and other obligations. The bonds 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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