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Fitch: KT Corp. on watch
Fitch Ratings said it has placed KT Corp.'s long-term foreign- and local- currency issuer default ratings and senior unsecured rating of A on rating watch negative.
The agency said that the watch reflects KT's weak financial metrics and on-going margin erosion due to intense competition.
The company's financial leverage, measured as net debt/operating EBITDAR on a core telecom basis, improved only marginally to 1.7x at end-2012 (end-2011: 1.8x), despite its net debt having been reduced by 1.4 trillion won in 2012, as operating EBITDAR continued to weaken, Fitch said.
The agency added that it does not foresee any significant improvement in leverage over the medium- to long-term.
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