Fitch: Korea Water bond AA-

Fitch Ratings said it assigned a final AA- rating to Korea Water Resources Corp.’s $300 million senior unsecured bond.

The proceeds will be used to refinance existing debt and for general corporate purposes.

The notes are rated at the same level as the company’s senior unsecured rating as they represent direct, unconditional, unsecured and unsubordinated obligations of the company.

The final rating follows completion of the bond issuance and receipt of documents conforming to information previously received. The final rating is the same as the expected rating assigned Oct. 8, Fitch said.

The ratings are equalized with Korea’s due to the company’s strong strategic and operational ties with the government, the agency said.

The objective of the company is to develop and manage Korea’s water resources and to improve the quality of water, Fitch said.

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