S&P assigns A to Korea Resources notes

S&P said it has assigned its A long-term issue rating to the U.S. dollar-denominated senior notes issued by Korea Resources Corp. (A/stable/--).

The notes will be drawn from the company’s $5 billion medium-term notes program, which S&P rates A.

The company plans to use the proceeds to repay maturing debt.

“The rating on Kores reflects our opinion that there is an extremely high likelihood that the government of the Republic of Korea (AA/stable/A-1+) will provide the company extraordinary support if it were to experience financial distress. This view is based on Kores’ very important role as the country's sole and legally mandated mineral resources policy arm, as well as the government's full ownership of Kores,” S&P said in a news release.

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