Fitch affirms KT

Fitch Ratings said it affirmed KT Corp.'s long-term foreign-currency issuer default rating and the rating on its foreign-currency senior unsecured notes at A. The agency also said it assigned a long-term local-currency issuer default rating at A.

The outlook is stable.

The ratings reflect KT's position as a fully-diversified telecommunications operator in South Korea, with leading market positions in the fixed-line and broadband businesses, Fitch said, and the second-largest market share in the wireless segment.

Benefiting from its dominant position and strong brand name, KT is expected to continue to generate positive free cash flow after capital expenditure and dividend payouts in 2010 through 2012, the agency said.

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