Moody's confirms Kumgang Korea

Moody's Investors Service said it has confirmed the Baa3 senior unsecured long-term ratings and issuer rating of Kumgang Korea Chemical Co. Ltd.

The outlook is stable.

Moody's said the confirmation reflects Moody's expectation that Kumgang Korea Chemical's credit profile should not be materially impacted by its attempted acquisition of Hyundai Elevator Co. Ltd. and other Hyundai Group companies. KCC had until recently been involved in a takeover bid for Hyundai Elevator - essentially the Hyundai Group holding company.

This action concludes the review initiated on Nov. 19, 2003.

At their annual meeting on March 30, Hyundai Elevator shareholders declined Kumgang Korea Chemical's takeover attempt. In response to the vote, Kumgang Korea Chemical ended its bid to control Hyundai Elevator and Hyundai Group companies and decided to sell its stake in Hyundai Elevator.

Moody's said Kumgang Korea Chemical's Baa3 ratings continue to reflect its leading market position in its major businesses and long-term customer relationships, diversified revenue mix, stable operating performance, and good credit profile.

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