S&P cuts Korea Land stand-alone credit

Standard & Poor's said it affirmed its A+ foreign currency and AA- local currency long-term corporate credit and debt ratings on Korea Land and Housing Corp.

The outlook remains stable.

The agency also lowered the stand-alone credit profile for Korea Land Housing Corp. to B+ from BB-.

The agency said it lowered the stand-alone credit profile to b+ from bb-, because it expect the company's financial risk profile to deteriorate due to its heavy interest burden, continuing losses from its public rental housing businesses and large debt-financed capital expenditures and working capital needs over the next few years.

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