Moody's cuts SK Broadband view to negative

Moody's Investors Service said it changed to negative from stable the Baa3 corporate family and senior unsecured bond ratings of SK Broadband Co., Ltd., formerly HanaroTelecom Inc.

The action has been prompted by news of SK Broadband's lower than expected performance with operating loss in 2008 and higher debt level, resulting in consolidated adjusted debt-to-EBITDA ratio in excess of 4.0x, Moody's said.

While 2008 was a transitional year with several one-off expenses, which adversely effected performance, such gearing level is considered high for its rating, the agency said.

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