Moody's ups Korea Land BCA to ba2

Moody's Investors Service said it affirmed Korea Land and Housing Corp.’s (KLHC) Aa2 issuer and senior unsecured ratings, and the (P)Aa2 rating on KLHC's senior unsecured medium-term note program.

Moody's has also upgraded the company’s baseline credit assessment (BCA) to ba2 from ba3.

The outlook remains stable.

“The affirmation of KLHC's Aa2 ratings reflects our view that the very high likelihood of extraordinary support from the Government of Korea (Aa2 stable) will remain unchanged at least over the next 2-3 years, given the company's very high strategic importance to the economy,” said Wan Hee Yoo, a Moody's vice president and senior credit officer, in a news release.

“The upgrade of KLHC's BCA reflects the improvement in the company's capital structure over the past several years, which will provide a significant buffer against an expected increase in debt over the next 1-2 years.”

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