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Bulletin: No Likely Impact On Issue Ratings On Korea's NACF From Reorganization Jan 12
Standard & Poors, Jan 2012
Abstract
MUMBAI (Standard & Poor's) Jan. 23, 2012--Standard & Poor's Ratings Services said today that there is no likely impact on the issue ratings listed below on Korea's National Agricultural Cooperative Federation (NACF; A/Stable/A-1) from NACF's reorganization. Through the reorganization, the foreign currency bonds issued by NACF will be transferred to NH Bank, a subsidiary to be established on March 2, 2012. We believe that the reorganization is unlikely to affect the ratings on these bonds because NACF will propose that it serve as a co-obligor and that all NACF group entities created through the reorganization be jointly and severally liable for the bonds. The co-obligor status of NACF and NH Bank is effected through their inclusion in the Deed of...
Companies mentioned in this report are: National Agricultural Cooperative Federation
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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