Fitch affirms Korea Land

Fitch Ratings said it affirmed Korea Land and Housing Corp.'s long-term foreign currency issuer default rating at AA- with a stable outlook.

The agency also affirmed the HK$600 million 4.2% senior unsecured notes due 2022 and HK$470 million 2.43% senior unsecured notes due 2024 issued under its program at AA-.

Fitch said the ratings are equalized with the AA- rating of the Korean sovereign, reflecting Korea Land’s key public-institution status, strong regulatory-control framework, stable government ownership and substantial implications if it were to default.

The agency said it believes there is a high likelihood of extraordinary government support for the issuer in case of need.

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