Fitch ups KCC to BBB

Fitch Ratings said it upgraded KCC Corp.'s long-term foreign-currency issuer default rating and its senior unsecured debt rating, affecting $200 million in debt, to BBB from BBB-.

The outlook remains stable.

The upgrade reflects the continuing improvement of KCC's financial profile, evidenced by a greater than expected improvement in its financial leverage ratios and coverage ratios, despite the sustained sluggish growth in South Korea's construction industry, Fitch said.

The ratings also take into account KCC's leading market position in the South Korean paint, building materials and glass markets, the agency said, as well as its long-standing and close relationships with its major customers.

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