S&P rates Korea Gas bonds AA-

S&P said it assigned its AA- issue rating to the proposed issuance of U.S. dollar-denominated senior unsecured bonds by Korea Gas Corp. (Kogas; AA-/stable/A-1+). The bonds are to be drawn from the company's $11 billion global medium-term note program, which S&P rates AA-.

The stable outlook on Kogas reflects the stable outlook on the sovereign credit rating on Korea (AA/stable/A-1+) and an expectation of a continuing extremely high likelihood of extraordinary support from the government of Korea in the event of financial distress at the company, S&P said in a news release.

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