Moody's upgrades Korea Gas

Moody's Investors Service said it upgraded to A1 from A2 the foreign-currency senior unsecured debt and foreign-currency issuer ratings of Korea Gas Corp.

The upgrade follows a decision to upgrade South Korean government's long-term foreign-currency and local-currency ratings to A1 from A2.

The outlook is stable, consistent with the outlook on the government ratings.

As a government-related issuer, the company's ratings incorporate a high level of government support in a stress situation, Moody's said.

The rating also is underpinned by the company's dominant market position, critical policy role and tight government supervision, which collectively enhance its credit profile and enable it to enjoy strong access to the debt markets, the agency said.

Such strengths are offset by its moderate financial metrics and exposure to fluctuating fuel costs, Moody's said.

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