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Moody’s rates KT notes Baa1
Moody's Investors Service said it assigned a Baa1 rating to KT Corp.'s proposed senior unsecured dollar-denominated notes.
The outlook is positive.
The proceeds will be used to refinance its maturing long-term debt and for general working capital purposes, Moody’s said.
The Baa1 rating reflects KT's competitive strength as a fully integrated telecommunications operator with significant market shares across all major segments in its home market of Korea, the agency explained.
The ratings are constrained by the company’s moderate profitability as a result of intense competition and declining fixed-line revenue, Moody’s said.
The positive outlook considers an expectation that KT's financial leverage will fall gradually over the next one- to two-years, driven by its improving operating performance and solid cash flow generation, the agency said.
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