...May 4, 2021 HONG KONG (S&P Global Ratings) May 5, 2021--S&P Global Ratings today said that Naver Corp.'s leverage is likely to remain very low and in line with our expectation for the rating despite the company's proposed notes retap. As such, our rating on Naver (A-/Stable/--) and the 'A-' long-term issue rating on the notes are unaffected. Naver plans to retap its US$500 million senior unsecured 1.500% notes due 2026. The company plans to use the proceeds for green and social projects such as green buildings. The issuance is under the same terms and conditions as the original notes we rated in March 2021. The issuer credit rating on Naver reflects our view that the company will maintain its strong position in Korea's growing online advertising and e-commerce market by strengthening its ecosystem that spans search engine, e-commerce, and payment solutions. In our view, Naver will generate robust free operating cash flows and maintain an adjusted debt-to-EBITDA ratio of less than 0.5x over...
