S&P rates Korea Resources notes A

Standard & Poor's said it assigned an A rating to the proposed senior unsecured notes to be issued by Korea Resources Corp.

The notes are proposed under regulation S. The proceeds will be used for refinancing, an overseas mine project and general corporate purposes. The rating is subject to review of final documents.

The rating is based on the "extremely high" likelihood that the government of Korea would provide timely and sufficient extraordinary support in the event of financial distress, S&P said.

The company's stand-alone credit profile is in the BBB rating category, the agency added.

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