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Published on 3/20/2014 in the Prospect News Emerging Markets Daily.

S&P lowers KT view to negative

Standard & Poor's said it revised the outlook on KT Corp.'s A- long-term corporate credit rating to negative.

The agency also said it affirmed its A- long-term corporate credit and debt ratings.

The company will continue to face pressure on profitability over the next two years as a result of an ongoing decline in its fixed-line voice business and intense competition in its wireless business, S&P said.

KT also posted weaker profitability than expected in 2013 with an adjusted EBITDA margin of about 20%, mainly as a result of tough operating conditions and recognition of one-off costs after changing its chief executive officer in January 2014, the agency said.


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