S&P rates KT Corp. notes

Standard & Poor's said it assigned its A- rating to KT Corp.'s (A-/stable/--) $1 billion euro medium-term note program. At the same time, S&P assigned its A- rating to the proposed $500 million 10-year global bond that will be drawn down from the program.

S&P said the rating on KT Corp. reflects the company's dominant position in the Korean telecommunications market, its strong cash generating ability, and the favorable competitive environment in which it operates.

At the same time, the rating takes into account the company's exposure to rising competition in broadband and wireless services and the large increase in its debt resulting from privatization.

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