Fitch upgrades KT

Fitch Ratings said it upgraded KT Corp.'s long-term foreign- and local-currency issuer default ratings and its senior unsecured ratings to A from A-.

The outlook is stable.

The upgrades reflect an expectation of a sustained stronger financial profile achieved through the disposal of non-core assets, workforce reduction and effective cost control, Fitch said.

The company has prioritized debt reduction, which will provide a buffer for its financial profile, the agency said.

The ratings also reflect the company's position as a diversified telecommunications operator in Korea's oligopoly-like market with a leading position in fixed-line voice, broadband and pay-TV services, Fitch said.

The agency also said it is well-entrenched as the second-largest mobile-service operator.

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