S&P: Korea Resources bonds A+

Standard & Poor's said it assigned an A+ rating to Korea Resources Corp.'s proposed dollar-denominated senior unsecured bonds.

The bonds are to be drawn down from its $3 billion global medium-term note program.

The proceeds will be used for general corporate purposes, S&P said.

The ratings reflect the strong policy role for the stockpiling of strategic mineral reserves and policy financing for development of mineral resources on behalf of the Korean government, the agency said.

Somewhat tempering these strengths are the company's position as a small player in upstream metals and mining with a limited track record, S&P said.

The company also remains exposed to fluctuations in commodity prices, particularly copper, the agency added.

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