S&P assigns A- to KT bonds

Standard & Poor's said it assigned its A- long-term debt rating to KT Corp.'s (A-/negative/--) proposed Japanese yen-denominated senior unsecured bonds.

Proceeds will be used for general corporate purposes, including refinancing.

S&P said the ratings reflect KT’s strong position in Korea's telecommunications market and its stable operating cash flows. However, the company's profitability is under pressure from falling revenues in fixed-line voice services and intense competition in its wireless business, the agency said.

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