Moody’s cuts Korea Resources, debt to A1

Moody's Investors Service said it downgraded Korea Resources Corp.’s (Kores) issuer and senior unsecured ratings to A1 from Aa3.

At the same time, the agency downgraded the rating on the senior unsecured medium-term note program to provisional A1 from provisional Aa3.

Moody’s also downgraded the senior unsecured bond rating of Minera y Metalurgica del Boleo, SAPI de CV, guaranteed by Korea Resources, to A1 from Aa3.

The outlook was changed to stable from negative.

"The downgrade was prompted by our assessment that Kores' policy roles and strategic importance to the government will remain less comparable with other rated core government-related issuers (GRIs) in Korea over an extended period," Moody's vice president and senior analyst Wan Hee Yoo said in a news release.

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