S&P: Sun Sage unchanged

Standard & Poor's said its ratings on Sun Sage BV (BB/positive) would not be immediately affected by the company's planned sale of its sole operating subsidiary, Mando Corp.

Once the deal is finalized, it is likely that Sun Sage, the special purpose holding company of Mando, will repay all of its outstanding debt of $200 million notes maturing March 2009 and is likely to be eventually liquidated, the agency said.

This will result in the withdrawal of the ratings on the outstanding notes as well as the long-term corporate credit ratings on Sun Sage, S&P added.

According to recent media reports, Sun Sage has signed a contract with Halla Engineering & Construction Corp. (not rated) to sell 72.39%, its entire ownership in Mando, for Korean won 651.5 billion, the agency said.

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