Fitch affirms Korea Gas

Fitch Ratings said it affirmed Korea Gas Corp.'s long-term foreign-currency issuer default rating at A- and upgraded its senior unsecured debt rating to A from A-.

The outlook is stable.

The ratings continue to reflect the company's dominant position in the natural gas market in South Korea through its monopoly position in the wholesale gas segment and its ownership of the country's entire gas infrastructure, Fitch said.

But the company's financial profile remains weak compared with its international peers, the agency said, and its cash flows may continue to fluctuate if the government delays adjusting the tariff for city gas companies.

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