S&P: Korea Land stand-alone revised to BB-

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

The agency also said it affirmed the company’s A+ foreign-currency debt rating.

The outlook on the foreign-currency ratings is positive and the outlook on the local-currency ratings is stable.

S&P also said it revised the stand-alone credit profile to BB- from B+.

The stand-alone rating revision reflects an expectation that company will continue to maintain its strong competitive position in Korea’s property development industry as the sole government-owned entity responsible for the stable supply of development land and public housing, S&P said.

The company’s businesses entail less market risk than private property developers given the public nature and relative stability of its operations mandated by the government, the agency said.

S&P also said it continues to improve its operating profitability and cash flows on the back of recovering domestic property market conditions.

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