S&P rates Kogas notes A+

S&P said it assigned an A+ rating to the dollar-denominated senior unsecured notes that Korea Gas Corp. (Kogas) proposes to draw down from its medium-term notes program.

The A+ rating on the program is unaffected by an upsizing to $11 billion from the original $8 billion, S&P said.

The proceeds will be used for general corporate purposes, including refinancing, the agency said.

The ratings reflect an extremely high likelihood that the government of the Republic of Korea will provide the company with timely and sufficient extraordinary support if it were to experience financial distress, S&P said.

Kogas is the sole government-owned entity responsible for wholesale sales of natural gas in the domestic market in Korea, the agency explained.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.