Korea

Credit Ratings - Korea

Securities for evaluation	Ratings	Rating agency	Rating Date
Commercial Paper	A2	National Information & Credit Evaluation	2007.06.22
	A2	Korea Investor’s Service	2007.12.28

International

Credit Ratings - International

Securities for evaluation	Ratings	Rating agency	Rating Date
Corporate Bond	BBB	S&P	2010.11.04
	Baa2	Moody’s	2010.09.21

Rating Definition

Rating Definition

Classification	Rating (Domestic)	Rating (Overseas)		Rating Definition	Remark
		S&P (USA)	Moody’s (USA)
Commercial Paper	A1	-	-	The ability of repayment on proper time is the best and stability of repayment ability is the best.
	A2	-	-	The ability of repayment on proper time is outstanding, but stability is inferior to A1 to some extent.
	A3	-	-	The ability of repayment on proper time is satisfactory, but stability is inferior to A2 to some extent.
	B	-	-	The ability of repayment on proper time is proper, but potential speculative factors exist in the stability depending on short-term changes in circumstances.
	C	-	-	Various speculative factors exist in the ability of repayment on proper time and stability of repayment ability.
	D	-	-	Incapable of repayment.
Corporate Bond	AAA	AAA	Aaa	Principle amount payment ability is the best.	Investment Grade
	AA	AA	Aa	Principle amount payment ability is very outstanding but inferior to AAA to some extent.
	A	A	A	Principle amount payment ability is outstanding but a potential drop of efficiency exists in future principle amount.
	BBB	BBB	Baa	Principle amount payment ability is satisfactory but a potential drop of efficiency exists in future principle amount payment ability depending on economic circumstances and aggravation of surrounding situations.
	BB	BB	Ba	No current problem exists regarding principle amount payment, but potential speculative factors exist regarding future stability of repayment ability.	Speculative Grade
	B	B	B	Speculative outlook due to lack of principle amount payment ability and interest payment is uncertain in case of economic slump.
	CCC	CCC	Caa	Insecure state regarding currently insecure principle amount payment and very speculative outlook due to possibility of unfulfillment of obligatory debt repayment.
	CC	CC	Ca	More insecure compared to superior grades.
	C	C	C	High possibility of unfulfillment of obligatory debt repayment and no ability of principle amount payment.
	D	D	-	Under situation of unfulfillment of obligatory debt repayment and bankruptcy.

+,- symbols are added depending on the levels within the above ratings.