S&P rates MMB notes A

S&P said it assigned an A rating on Minera y Metalurgica del Boleo, SAPI de CV's (MMB) guaranteed notes due 2024.

The notes will be fully, unconditionally and irrevocably guaranteed by Korea Resources Corp., which is the MMB's parent company.

The notes will rank equally to MMB's existing notes guaranteed by Korea Resources, the agency said.

The proceeds will be used mainly to refinance debt obligations, S&P said.

The ratings continue to benefit from potential government support with an extremely high likelihood that the government of the Republic of Korea will provide extraordinary support to Korea Resources, if needed, S&P said.

This view is based on Korea Resources' very important role as the country's sole and legally mandated mineral resources policy arm, the agency said, as well as the government's full ownership of Korea Resources.

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