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.
Standard and PoorÆs has withdrawn its BBB- rating on Kia MotorsÆ proposed 2012 senior unsecured notes following the companyÆs decision to postpone the offering due to deteriorating bond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...
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