S&P lowers Korea Resources stand-alone rating

Standard & Poor’s said it affirmed the A+ long-term corporate credit ratings on Korea Resources Corp., along with the A+ ratings its debt and that of the subsidiaries that Korea Resources guarantees.

The agency also said it revised the company’s stand-alone credit profile to BB- from BB.

The outlook is stable.

The downgrade of the stand-alone rating reflects a view that the company’s financial buffer has weakened based on lower assumptions for metal prices and the delayed ramp-up of production at its Boleo copper development project, S&P said.

The company is expected to remain highly leveraged for the next 24 months, the agency added.

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