Korea Railroad Corp. Jan 12

  • ID: 2047433
  • January 2012
  • Standard & Poors
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"Almost certain" likelihood of extraordinary government support Sole government-owned national railroad operator The government's ongoing financial support Large operating losses in conventional rail operation and freight services Weak cash flow Significant investment in noncore businesses such as property development We have equalized the ratings on Korea-based national railroad operator Korea Railroad Corp. (KORAIL: foreign currency rating A/Stable/A-1; local currency rating A+/Stable/A-1) with the long-term ratings on the Republic of Korea (foreign currency rating A/Stable/A-1; local currency rating A+/Stable/A-1), reflecting our opinion that there is an "almost certain" likelihood of the Korean government providing KORAIL with timely and sufficient extraordinary support in the event that it suffers financial distress. In accordance with Standard & Poor's Ratings Services' criteria for government-related entities...

Companies mentioned in this report are:
- Korea Railroad 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

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- Korea Railroad Corp.

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