Moody's revises Kores view to stable

Moody's Investors Service said it changed the outlooks on Korea Resources Corp. and Minera y Metalurgica del Boleo, SAPI de CV to stable from negative.

Concurrently, the agency affirmed Kores A1 issuer and senior unsecured ratings and Minera y Metalurgica’s A1-backed senior unsecured rating.

The actions follow the Korean national assembly's recent approval of a bill to establish a consolidated entity comprising Kores and Mine Reclamation Corp. or Mireco.

"The change in outlooks to stable from negative reflects our view that the approval of the bill will enhance the combined entity's strategic importance to the government. The bill's approval also demonstrates the government's very high willingness to support KoreS," said Wan Hee Yoo, a Moody's vice president and senior credit officer, in a press release.

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