S&P downgrades Samchully

Standard & Poor's said it lowered the long-term corporate credit rating on Samchully Co. Ltd. to BBB+ from A-.

The agency also said it removed the rating from CreditWatch with negative implications, where it was placed in January.

The outlook on the long-term corporate credit rating is negative.

The downgrade reflects an expectation that the company's financial risk profile will deteriorate over the next three years as a result of significant debt-funded investment in an 800 megawatt liquefied natural gas power plant, S&P said.

The agency also said it expects Samchully's debt to increase sharply in 2013, weakening key measures of its credit quality.

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