S&P gives AA to Korea Land and Housing bonds

S&P said it assigned its AA issue rating to the proposed issue of HK$470 million senior unsecured bonds by Korea Land and Housing Corp. (AA/stable).

The company plans to use the proceeds for general corporate purposes, including refinancing.

S&P said the rating on the company reflects S&P’s opinion that there is an almost certain likelihood that the government of the Republic of Korea (AA/stable/A-1+) will provide Korea Land and Housing with timely and sufficient extraordinary support if it were to experience financial distress. Korea Land and Housing 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.

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