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KORESKorea Resources Corporation
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KORES lost more than 40 trillion won ($37.4 billion) by carrying out resource projects abroad without adequate viability studies.
"We expect KORES' strategic importance to the Korean government will be less comparable with the other rated core government-related issuers in Korea over the next 2-3 years, given its shrinking asset base and reductions in new investments," adds Yoo.
The notes will be issued under KORES' existing $3 billion global medium-term note (MTN) program, which is rated (P)Aa3.
The revision in outlook reflects CRISILa[euro](tm)s belief that Kores India will benefit over the medium term from the improved demand outlook for the companya[euro](tm)s foundry and pharmaceutical divisions, and from the expected improvement in profitability in its office products trading division because of the termination of its loss-making distribution agreement with Hewlett Packard.
KORES has eaten up all of its capital of 2 trillion won ($1.87 billion) and has nearly that amount in debt.
and Kores, because of their important policy roles and the high
The notes to be issued under the program will rank pari passu with KORES'