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S&P assigns BBB to LG notes
S&P said it rated LG Electronics Inc.’s planned dollar-denominated senior unsecured notes BBB.
“The issue rating on the proposed notes is the same as our issuer credit rating on LGE (BBB/stable/--). LGE's priority debt ratio (including 37.9% pro-rata consolidated LG Display Co. Ltd. debt) stood at about 53% as of end-2023.
“However, we do not consider the proposed issuance to be subject to material subordination risk. This is because we view as key mitigating factors the parent's operating assets and consolidated earnings constituting a significant portion of the group's earnings, and the company maintaining geographically diverse sources of income,” S&P said in a statement.
LG plans to use the proceeds for general operations, including the refinancing of maturing debt.
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