Moody's rates KT note program

Moody's Investors Service assigned a senior unsecured Baa1 rating to KT Corp.'s proposed $1 billion euro medium-term note program and assigned a Baa1 rating for the $500 million Rule 144A and Regulation S notes issue proposed under this same program.

The outlook is positive.

Moody's says that the rating reflects KT's lead position in Korea's fixed-line telecommunications market and its substantial interest in KTF, the country's second-largest cellular operator.

Moody's said KT has indicated it intends to maintain certain financial targets, including capex/sales below or equal to 15%, debt/EBITDA below 2x, and liabilities/equity below or equal to 200%.

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