S&P rates GS Caltex bonds BBB+

Standard & Poor's said it assigned its BBB+ rating to GS Caltex Corp.'s (BBB+/stable/A-2) proposed senior unsecured $500 million global bonds due 2017.

"The rating on GS Caltex reflects the company's solid capital structure, its stable number two position in the Korean market for petroleum refining and marketing, good operating efficiency and healthy balance sheet," said S&P credit analyst GaYeon Kim.

"However, these factors are offset by the company's exposure to cyclical crude oil prices and fluctuations in foreign exchange rates."

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