Fitch affirms Korea Land

Fitch Ratings said it affirmed Korea Land Housing Corp.'s long-term foreign-currency issuer default rating and foreign-currency senior unsecured rating at A+.

The outlook is positive.

The ratings are equalized with those of the Korean sovereign due to the strong ties with the government, Fitch said.

The government effectively owns 100% of Korea Land and is closely involved in the management and operations of the company, the agency said.

The recent downturn in the domestic real estate market has added further pressure to the company's financial position with sharply increased unsold inventories and increasing loss-making rental housing construction, Fitch said.

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