kia-loses-credit-rating-on-planned-deal

Kia loses credit rating on planned deal

Standard and PoorÆs withdraws its rating on the Korean car company's proposed senior note transaction in a move confirming that Asia's credit markets are now closed for the year.
November 27, 2007
Standard and PoorÆs has withdrawn its BBB- rating on Kia MotorsÆ proposed 2012 senior unsecured notes following the companyÆs decision to postpone the offering due to deteriorating bond markets.

The company initially announced a $300 million deal in June, which it postponed as subprime fears began to grip investors. Kia Motors is just one of a number of Asian issuers that have pulled deals due to volatility in recent months. The latest casualty, Country GardenÆs $1.5 billion offering, failed to garner enough investor interest following the severe market downturn earlier this month.

A number of Korean banks and corporates, including Woori Bank, KDB, Hyundai Capital and SK Telecom, have also put their deals...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222