Moody's: Kogas' ratings unaffected by its weaker results in 2016
Hong Kong, February 15, 2017-- Moody's Investors Service says that Korea Gas Corporation's weaker operating results in 2016 relative to 2015 will not have an immediate impact on its Aa2 issuer and senior unsecured ratings, or the stable outlook on the ratings. "Kogas' weaker results in 2016 mainly resulted from cost increases, which will likely be passed through, and one-off, non-cash impairment losses on its overseas investments," says Mic Kang, a Moody's Vice President and Senior...Korea Gas Corporation is a Korea-based company principally engaged in the sale of natural gas. The Company operates its business through two segments. The Gas Introduction and Sale Business segment sells city gas and natural gas for power generation, among others. This segment introduces liquefied natural gas (LNG) from overseas natural gas production sites and supplies it to domestic power generation companies and city gas companies through national pipelines, tank lorry and others. The Other segment is engaged in the repair and maintenance of gas facilities, the construction and operation of LNG terminals, and the provision of engineering services.
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