Fitch affirms KCC

Fitch Ratings said it affirmed KCC Corp.'s long-term foreign-currency issuer default rating and senior unsecured debt rating at BBB and short-term foreign-currency issuer default rating at F3.

The outlook remains stable.

The rating takes into account KCC's leading market position in the South Korean paint, building materials and glass market, Fitch said, as well as its long-standing stable relationships with its major customers in various industries.

However, its leverage and coverage metrics have deteriorated in 2008 due to its acquisition of a stake in Mando Machinery, a Korean auto component manufacturer, the agency said, and a new investment in the polysilicon business in Korea.

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