S&P rates Korea Resources notes A+

Standard & Poor's said it assigned its A+ rating to Minera y Metalurgica del Boleo SAPI de CV's (MMB; not rated) proposed issue of senior unsecured notes guaranteed by Korea Resources Corp. (A+/stable/--), which owns 70% of MMB.

Equalization of the rating on the notes with the ratings on Korea Resources reflects the agency's view that the guarantee is unconditional and irrevocable and therefore qualifies for rating substitution treatment.

S&P said the equalization also incorporates its view that payment of the obligation on the proposed notes guaranteed by Korea Resources would be timely given the relationship between the issuer and guarantor, the guarantor's track record of financial support for its subsidiaries, the guarantor's financial capacity, and the issuer's importance to the guarantor.

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