Korea Resources Corp.#s Proposed U.S. Dollar Senior Unsecured Bonds Rated #A+#

Stocks and Financial Services Press Releases Tuesday April 18, 2017 17:19
HONG KONG--18 Apr--S&P Global Ratings

HONG KONG (S&P Global Ratings) April 18, 2017--S&P Global Ratings today assigned its 'A+' issue rating to Korea Resources Corp.'s (KORES; A+/Stable/--) proposed U.S. dollar-denominated senior unsecured bonds. The bonds are to be drawn from the company's US$3 billion global medium-term note program. The company plans to use the proceeds for general corporate purposes. The rating on the bond issue is subject to our review of final documentation.

The stable outlook on KORES over the next 12-24 months reflects our expectation that the company will continue to receive government support because it serves an essential policy role by securing overseas mineral resources for economic development in Korea. Although we expect KORES' continuing investments in overseas resources to increase its exposure to business cycles in the mineral resources sector, we believe strong and consistent government support offsets the risk.

We may lower the ratings on KORES if we lower our assessment of the company's stand-alone credit profile, potentially as a result of limited prospects of EBITDA turning to positive over the next 12 months. This could happen if cash flow remains weak due to a slower ramp-up of the company's overseas mining projects than we expect, and metal prices that are weaker than our estimate.


Latest Press Release

mai welcomes real estate developer CMC on November 19

Market for Alternative Investment (mai) will list Chaoprayamahanakorn pcl, a leading real estate developer onNovember 19, under the ticker symbol "CMC". The company has a market capitalization at its initial public offering (IPO) of THB 3.00 billion...

KTC - Chilito Mexican Grill - Farm Factory provide members special privileges for payments made using QR Pay in the KTC Mobile app.

Mrs. Pranaya Nithananon, Vice President - Credit Card Business, "KTC" or Krungthai Card Public Company Limited, provides KTC VISA and KTC MasterCard credit card members who make payments through KTC QR Pay in the "KTC Mobile" app worth Bt. 300 or more...

Photo Release: KBank opens new flagship branch and THE WISDOM Lounge at ICONSIAM

Mr. Wirawat Panthawangkul (3rd from left), KBank Senior Executive Vice President, and Ms. Chadatip Chutrakul (4th from left), Director of ICONSIAM Co., Ltd., and Chief Executive Officer of Siam Piwat Co., Ltd., participated in the opening ceremony of...

Photo Release: CIMB Group Joins RippleNet to Power Instant Payments Across ASEAN

Tengku Dato' Sri Zafrul Aziz, Group CEO of CIMB Group (right), and Brad Garlinghouse, Ripple CEO (left) commemorating the strategic collaboration between CIMB Group and Ripple to power instant payments across ASEAN at the Singapore FinTech festival 2018...

CIMB Group Joins RippleNet to Power Instant Payments Across ASEAN

CIMB is one of the first banks to leverage blockchain technology to tap into region's USD120 billion remittance business CIMB Group ("CIMB" or "the Group") and Ripple have entered into a strategic collaboration to enable instant cross border payments...

Related Topics