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S&P gives AA to Korea Land notes
S&P said it assigned its AA long-term issue rating to the dollar-denominated senior unsecured notes that Korea Land and Housing Corp. plans to sell. The company will draw down the notes from its $5 billion global medium-term note program.
“The issue rating on the proposed notes is the same as our long-term issuer credit rating on KLHC. This is because we do not foresee significant elements of subordination risk in the company's capital structure. As of Dec. 31, 2022, the company's capital structure consisted of about Korean won (KRW) 81.6 trillion of unsecured debt at the parent level and KRW 32 billion at the subsidiary level,” S&P said in a statement.
KLHC plans to use the proceeds to finance or refinance public housing projects in accordance with its social financing framework.
The outlook is stable.
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