Fitch rates Korea Gas notes A+

Fitch Ratings said it assigned Korea Gas Corp.'s $3 billion global medium-term note program an A+ rating, along with an A+ rating on its proposed dollar-denominated fixed-rate notes to be issued from the program.

Both ratings are at the same level as Korea Gas's A+ long-term foreign-currency issuer default rating, reflecting a view of average recovery given default for notes issued under the program.

The outlook is stable.

The ratings benefit from implied support from the Korean government, which directly and indirectly owns 51.3% of the company, Fitch said.

The ratings reflect the company's status as a key state-owned enterprise and its dominant position in the natural gas business, the agency said.

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