S&P rates Korea National Housing

Standard & Poor's said it assigned its A- foreign currency and A local currency ratings to Korea National Housing Corp. The outlooks on both ratings are stable.

Korea National Housing is 100% directly and indirectly owned by the Korean government. The corporation plays a public policy role in housing construction in Korea, carrying out construction, sales, and rental housing operations aimed at providing appropriate accommodation to low-income households.

"The ratings on KNHC are supported by its important role in Korea's low-cost housing market and its solid position in the growing residential housing sector," said Kumiko Kakimoto, a credit analyst at S&P. "The ratings also reflect the expectation of strong government support in the form of equity injections, as well as access to a special fund and financial guarantees when necessary, although the government does not have a legal obligation to support KNHC."

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