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S&P lifts Korean GREs
Standard & Poor's said it raised its ratings on nine Korean corporate government-related entities (GREs) and six subsidiaries following the upgrade of its long-term foreign and local currency credit ratings on the Republic of Korea.
The agency said it raised the long-term foreign and local currency credit ratings on Korea Land and Housing Corp., Korea Rail Network Authority, and Korea National Oil Corp. to A+ and AA-, from A and A+, respectively. The outlooks on the long-term ratings are stable.
S&P said the ratings on these three GREs are based on their rating equalization with the sovereign ratings on the Republic of Korea. This reflects S&P's opinion that there is an almost certain likelihood of the government of Korea providing the GREs with timely and sufficient extraordinary support in the event they were to experience financial distress.
At the same time, the agency said it raised to A+ from A the long-term foreign and local currency credit ratings on four GRE utilities: Korea Electric Power Corp., Korea Gas Corp., Korea Water Resources Corp., and Korea Resources Corp. The agency also raised to A+ from A the ratings on the following six subsidiaries of Korea Electric Power: Korea Hydro & Nuclear Power Co. Ltd., Korea East-West Power Co. Ltd., Korea South East Power Co. Ltd., Korea Midland Power Co. Ltd., Korea Southern Power Co. Ltd., and Korea Western Power Co. Ltd.
The outlooks on the long-term ratings are stable. In addition, the agency said it raised to A+ from A the long-term foreign currency credit ratings on a further two GREs ó Korea Railroad Corp. and Korea Expressway Corp. ó while keeping the local currency credit ratings on the entities unchanged at A+.
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