S&P assigns A- to KT bonds

Standard & Poor's said it assigned its A- long-term debt rating to KT Corp.'s (A-/negative/--) proposed U.S. dollar-denominated senior unsecured bonds.

The company plans to use the proceeds for general corporate purposes, including refinancing.

"Our ratings on KT reflect our assessment of the company's 'strong' business risk profile and 'intermediate' financial risk profile," S&P said in a news release.

KT's key strengths include its strong position in Korea's telecommunications market and stable operating cash flows, the agency said. However, the company faces pressures on profitability due to a decline in revenue from fixed-line voice services and intense competition in its wireless business.

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