S&P rates Korea Land bonds AA-

Standard & Poor’s said it assigned an AA- rating to Korea Land and Housing Corp.’s $100 million senior unsecured bonds to be drawn from its $1 billion global medium-term note program.

The proceeds will be used for general corporate purposes, including refinancing, S&P said.

The ratings reflect the almost certain likelihood that the government of the Republic of Korea will provide the company with timely and sufficient extraordinary support if needed, the agency said.

Korea Land is the sole government-owned entity responsible for meeting the government’s objectives of a stable supply of development land and public housing in Korea, S&P said.

The company’s stand-alone credit profile is BB-, the agency said.

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