S&P rates Korea Land bonds AA-

Standard & Poor’s said it assigned an AA- global scale rating and cnAAA Greater China scale rating to Korea Land and Housing Corp.’s HK$780 million senior unsecured bonds to be drawn from the company’s $1 billion global medium-term note program.

The proceeds will be used for general corporate purposes.

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

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

The company’s stand-alone credit profile is BB-, S&P said.

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