S&P assigns Korea Mine notes A+

S&P said it assigned an A+ rating to the dollar-denominated senior unsecured notes that Korea Mine Rehabilitation and Mineral Resources Corp. (Komir) plans to issue. The notes will be drawn down from the company's $5 billion global medium-term note program.

“We equalize the rating on the notes with the long-term issuer credit rating on Komir because of limited subordination risks. As of June 2023, Komir had Korean won (KRW) 6 trillion of bonds and borrowings at the parent level, and KRW 1.4 trillion of bonds and borrowings at the subsidiaries,” S&P said in a press release.

Komir plans to use the proceeds for general corporate purposes, including refinancing of its obligations.

The outlook is stable.

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