New Issue: National Finance Authority (CJ FMBC Project) (Series 2019A)

On July 25, 2019, S&P Global Ratings assigned its 'A+/A-1' rating to National Finance Authority's $50 million taxable industrial development revenue bonds (CJ FMBC Project) series 2019A due July 1, 2029. The 'A+/A-1' rating on the bonds reflects our view of the creditworthiness of the letter of credit (LOC) provider, which is based on the lower of our long- and short-term issuer credit ratings on Kookmin Bank ('A+/A-1'), the LOC provider's parent, and our long- and short-term foreign currency ratings on the U.S. ('AA+/A-1+'), the jurisdiction where the LOC provider is located. For more information on bank branch ratings, see "Methodology Applied To Bank Branch-Supported Transactions," published Oct. 14, 2013. The long-term component of our rating addresses our expectation of

...Closing date July 25, 2019. Maturity date July 1, 2029. Structure type Full support, direct-pay LOC. Issuer National Finance Authority. LOC provider Kookmin Bank, New York Branch(i). Trustee/tender agent Bank of New York Mellon Trust Co. N.A. Remarketing agent BofA Securities Inc. (i)S&P Global Ratings' credit rating on the bonds is linked to the lower of our long- and short-term issuer credit ratings on Kookmin Bank, the LOC provider's parent, and our long- and short-term foreign currency ratings on the U.S., the jurisdiction where the LOC provider, Kookmin Bank, New York Branch, is located. LOC--Letter of credit....

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