S&P cuts Korea Resources

S&P said she lowered its corporate credit rating on Korea's sole mandated mineral resources policy arm, Korea Resources Corp., to A from A+. The outlook is stable.

S&P also lowered its ratings on the company's senior unsecured bonds to A from A+.

S&P took the same action on the bonds that are issued by subsidiary Minera y Metalúrgica del Boleo, SAPI de CV and guaranteed by KORES.

“We downgraded KORES because we expect the company's financial metrics will remain weak over the next 12-24 months. Debt levels will rise due to weak, although improving, operating performance, and ongoing investment outlays,” S&P said in a news release.

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