Moody's: No change for KT

Moody's Investors Service said that KT Corp.'s expected 2009 results were in line with expectations and there is no immediate impact on the company's A3 senior unsecured rating and stable outlook.

Operating profit, excluding early retirement payments, appears to have shown moderate improvement from the 2008 low point, although this remains insufficient to prompt any upward rating pressure given the heightened competitive environment in Korea, Moody's said.

The agency said it remains concerned that ongoing competition, particularly in the "smart" phone arena, could fuel a return to accelerating marketing expenses and handset subsidies and stymie any further margin improvement.

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