S&P rates Korea Gas bonds A

Standard & Poor's said it assigned an A rating to Korea Gas Co.'s proposed senior unsecured bonds, which are to be drawn down from its $3 billion global medium-term note program. The rating is subject to final documents.

The rating reflects an opinion that there is an "extremely high" likelihood that the government of Korea would provide timely and sufficient extraordinary support to the company in the event of financial distress, S&P said.

Korea Gas has a strong market position in the domestic natural gas market, the agency said.

The rating also considers the company's limited privatization risk, S&P added.

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