Moody’s upgrades Korean issuers

Moody's Investors Service said it upgraded the ratings of the following Korean government related issuers (GRIs):

• Korea Water Resources Corp., issuer and senior unsecured ratings to Aa3 from A1;

• Korea Gas Corp., issuer and senior unsecured ratings to Aa3 from A1;

• Korea National Oil Corp., issuer and senior unsecured ratings to Aa3 from A1;

• Korea Land and Housing Corp., issuer and senior unsecured ratings to Aa3 from A1;

• Korea Railroad Corp., issuer and senior unsecured ratings to Aa3 from A1;

• Korea Resources Corp., issuer and senior unsecured ratings to Aa3 from A1;

• Korea Expressway Corp., senior unsecured rating to Aa3 from A1; and

• Korea District Heating Corp. (KDHC), issuer and senior unsecured ratings to A1 from A2.

In a related rating action, the agency upgraded the senior unsecured bond rating of Minera y Metalurgica del Boleo, SAPI de CV to Aa3 from A1. The bonds are guaranteed by Korea Resources.

The outlooks are all stable.

"The upgrades reflect Moody's recognition of the Korean government's (Aa3 stable) strengthening oversight of and commitment to the financial health of the GRIs," Moody's vice president and senior analyst Mic Kang said in a news release.

"This initiative is occurring under the government's mid-to-long-term plans for the financial management of public institutions, which indicates its commitment to preventing the GRIs from entering any degree of financial distress."

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