Korea Gas Corp. May 07

Standard & Poors, May 2007

Abstract
Solid business profile backed by its position as Korea's dominant importer and sole wholesale distributor of liquefied natural gas (LNG) Stable and growing demand for LNG Stable profitability underpinned by a price adjustment system for LNG Slightly weak financial profile and high debt burden Potential threats from new entrants to the market The rating on Korea Gas Corp. (KOGAS) reflects the company's strong business position as the dominant importer and monopoly-holding wholesale distributor of LNG in Korea. The rating also reflects the expectation that KOGAS will continue to play a critical role after industry deregulation is implemented in the next few years. However, the rating is constrained by the company's heavy debt burden and slightly weak financial profile. KOGAS is...

Companies mentioned in this report are:
- Korea Gas Corp.
- Korea Development Bank
- Korea Electric Power Corp.
- Korea (Republic of)
- Export-Import Bank of Korea
- Korea Western Power Co. Ltd.
- Korea Hydro & Nuclear Power Co. Ltd.
- Korea Southern Power Co. Ltd.
- Small Business Corp.
- Korea East-West Power Co. Ltd.
- Korea Midland Power Co. Ltd.
- Korea Expressway Corp.
- Korea Land Corp.
- Korea National Housing Corp.
- Korea Rail Network Authority
- Korea Water Resources Corp.
- Korea National Oil Corp.
- Korea South East Power Co. Ltd.
- Korea Resources Corp.

Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

- Korea Gas Corp.
- Korea Development Bank
- Korea Electric Power Corp.
- Korea (Republic of)
- Export-Import Bank of Korea
- Korea Western Power Co. Ltd.
- Korea Hydro & Nuclear Power Co. Ltd.
- Korea Southern Power Co. Ltd.
- Small Business Corp.
- Korea East-West Power Co. Ltd.
- Korea Midland Power Co. Ltd.
- Korea Expressway Corp.
- Korea Land Corp.
- Korea National Housing Corp.
- Korea Rail Network Authority
- Korea Water Resources Corp.
- Korea National Oil Corp.
- Korea South East Power Co. Ltd.
- Korea Resources Corp.

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