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S&P upgrades six Korea companies
Standard & Poor’s said it raised the long-term foreign-currency issuer and debt ratings on six Korean government-related entities to AA- from A+.
The agency also upgraded to A-1+ from A-1 the short-term foreign-currency ratings on three of the six entities.
The outlook is stable.
Export-Import Bank of Korea (Kexim)’s foreign-currency rating was upgraded to AA- from A+, along with its short-term foreign-currency rating to A-1+ from A-1, and its local-currency rating was affirmed A-1+.
Korea Development Bank (KDB)’s foreign-currency rating was upgraded to AA- from A+, along with its short-term foreign-currency rating to A-1+ from A-1, and its local-currency rating was affirmed at A-1+.
Small Business Corp.’s foreign-currency rating was upgraded to AA- from A+, along with its short-term foreign-currency rating to A-1+ from A-1, and its local-currency was affirmed at A-1+.
Korea Land and Housing Corp.’s foreign-currency was upgraded to AA- from A+ and its local-currency rating was affirmed at AA-.
Korea Rail Network Authority’s foreign-currency was upgraded to AA- from A+ and its local-currency rating was affirmed at AA-.
Korea National Oil Corp.’s foreign-currency rating was upgraded to AA- from A+ and its local-currency rating was affirmed at AA-.
The upgrades follow the upgrade of the foreign-currency credit ratings on the Republic of Korea, S&P said.
The ratings were equalized with the ratings on the sovereign because the companies are integrally linked and play critical roles within the government of Korea, S&P said.
There is an almost certain likelihood of extraordinary government support to these government-related issuers, the agency said.
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