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Fitch affirms Korea Land & Housing's ratings

Fitch Ratings affirmed Korea Land & Housing Corp.'s long-term foreign-currency issuer default rating at AA-, with a stable outlook.

The rating agency also affirmed the government-owned real estate development company's long-term senior unsecured notes at AA-, according to a Sept. 23 report.

Korea Land & Housing's ratings are credit linked to and equalized with South Korea's AA- sovereign credit rating, which has a stable outlook. The Ministry of Land, Infrastructure and Transport supervises the company's operations and business plans, while the Ministry of Economy and Finance monitors its financial robustness.

This developer's strong ties with the government reflects its important public role and substantial socio-political and financial implications, should it default.