State-run Korea Development Bank said that it would provide $4.5 billion in relief to distressed local credit card provider LG Card, which was one of the first Korean issuers to enter the cross-border ABS market with its Credipia 2001-1 class A transaction.

This most recent sign of the issuer's precarious financial state will have no impact on the deal's Aaa' rating since it is guaranteed by Financial Security Assurance, said Moody's Investors Services Vice President and senior analyst Jerome Gheng.

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