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.


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