S&P rates Korea Land bonds AA

S&P said it assigned an AA rating to Korea Land and Housing Corp.'s $50 million senior unsecured bonds to be drawn from the company's $2 billion global medium-term note program.

The proceeds will be used for general corporate purposes, including refinancing, the agency said.

The ratings reflect an opinion that there is an almost certain likelihood that the government of the Republic of Korea will provide the company with timely and sufficient extraordinary support if it were to experience financial distress, S&P said.

Korea Land is the sole government-owned entity responsible for meeting the government's objectives of a stable supply of development land and public housing in Korea, the agency said.

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