S&P assigns Korea Gas A-1

Standard & Poor's said it assigned its A-1 short-term corporate credit rating to Korea Gas Corp.'s $4 billion euro-commercial paper program.

S&P said the ratings on Korea Gas reflect its opinion that there is an extremely high likelihood of the government of the Republic of Korea providing timely and sufficient extraordinary support to Korea Gas in times of financial distress.

The agency said it assesses the stand-alone credit profile on Korea Gas to be bbb-, reflecting the company's strong business profile, based on its solid market position as Korea's sole transmitter and distributor of liquefied natural gas.

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