S&P rates Korea Gas bonds A+

Standard & Poor's said it assigned its A+ long-term debt rating to Korea Gas Corp.'s proposed $500 million senior unsecured bonds to be drawn from its existing $5 billion U.S. global medium-term note program.

Proceeds of the bond issue will be used for general corporate purposes.

S&P said the corporate credit rating on Korea Gas reflects its opinion that the likelihood of the government of the Republic of Korea providing timely and sufficient extraordinary support to Korea Gas in the event of financial distress is "extremely high."

The standalone credit profile for Korea Gas is BB+.

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