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<SEC-DOCUMENT>0001309014-05-000339.txt : 20050616
<SEC-HEADER>0001309014-05-000339.hdr.sgml : 20050615
<ACCEPTANCE-DATETIME>20050616125823
ACCESSION NUMBER:		0001309014-05-000339
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050616
FILED AS OF DATE:		20050616
DATE AS OF CHANGE:		20050616

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KT CORP
		CENTRAL INDEX KEY:			0000892450
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14926
		FILM NUMBER:		05899644

	BUSINESS ADDRESS:	
		STREET 1:		206 JUNG TA DONG BUNN DONG GU
		CITY:			SUNGNAM CITY KOREA
		STATE:			M5
		ZIP:			463711
		BUSINESS PHONE:		82317270932

	MAIL ADDRESS:	
		STREET 1:		206 JUNG JA DONG BUNN DONG GU
		CITY:			SUNGNAM CITY KOREA
		STATE:			M5
		ZIP:			463711

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KOREA TELECOM CORP
		DATE OF NAME CHANGE:	19971006

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KOREA TELECOM
		DATE OF NAME CHANGE:	19950130
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>htm_468.htm
<DESCRIPTION>LIVE FILING
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KT Corp.&nbsp;-&nbsp;Form&nbsp;6-K
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<FONT size="+1"><B>
UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B>
</P>

<P>
<CENTER>
<FONT SIZE="+2" FACE="Arial"><B>Form 6-K</B></FONT><BR>

</CENTER>
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<P>
<CENTER>
<FONT size="+1">
REPORT OF FOREIGN PRIVATE ISSUER<BR>PURSUANT TO RULE 13a-16 OR 15d-16<BR>UNDER THE SECURITIES EXCHANGE ACT OF 1934
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June 16, 2005
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	<FONT SIZE="+2"><B>KT Corp.</B></FONT><BR>
	<FONT SIZE="-7">&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT>
    </TD>
  </TR>
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    <TD VALIGN="CENTER" ALIGN="CENTER" WIDTH="100%" COLSPAN="5">
	<FONT SIZE="-1">(Translation of registrant&#146;s name into English)</FONT>
    </TD>
  </TR>
  <TR>
    <TD VALIGN="BOTTOM" ALIGN="CENTER" WIDTH="100%" COLSPAN="5">
	&nbsp;
    </TD>
  </TR>
<TR><TD VALIGN="BOTTOM" ALIGN="CENTER" WIDTH="100%" COLSPAN="5"><FONT FACE="Courier" SIZE="+0">Korea</FONT><BR><FONT SIZE="-7">&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT></TD></TR><TR><TD VALIGN="CENTER" ALIGN="CENTER" WIDTH="100%" COLSPAN="5"><FONT SIZE="-1">(Jurisdiction of incorporation or organization)</FONT></TD></TR><TR><TD VALIGN="BOTTOM" ALIGN="CENTER" WIDTH="100%" COLSPAN="5">&nbsp;</TD></TR>
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    <TD VALIGN="BOTTOM" ALIGN="CENTER" WIDTH="100%" COLSPAN="5">
      <FONT FACE="Courier" SIZE="+0">206 Jungja-dong<br>Bundang-gu, Sungnam<br>Kyunggi-do<br>463-711<br>Korea<br></FONT>
    </TD>
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        <FONT SIZE="-7">&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT><BR>
	    <FONT SIZE="-1">(Address of principal executive office)</FONT>
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	&nbsp;
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	Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:&nbsp;&nbsp;[<FONT FACE="Courier">x</FONT>]&nbsp;Form 20-F&nbsp;&nbsp;&nbsp;&nbsp;[<FONT FACE="Courier">&nbsp;</FONT>]&nbsp;Form 40-F
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        &nbsp;
    </TD>
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        Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):&nbsp;&nbsp;[<FONT FACE="Courier">&nbsp;</FONT>]
    </TD>
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        &nbsp;
    </TD>
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        Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):&nbsp;&nbsp;[<FONT FACE="Courier">&nbsp;</FONT>]
    </TD>
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        &nbsp;
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    <TD VALIGN="BOTTOM" ALIGN="LEFT" COLSPAN="5" WIDTH="100%">
        Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:&nbsp;&nbsp;[<FONT FACE="Courier">&nbsp;</FONT>]&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;[<FONT FACE="Courier">x</FONT>]&nbsp;No
    </TD>
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        &nbsp;
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        If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):&nbsp;&nbsp;&nbsp;<FONT FACE="Courier"><U>&nbsp;n/a&nbsp;</U></FONT>
    </TD>
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        &nbsp;
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<PRE>
This Current Report on Form 6-K is being filed to incorporate by reference into
Registration Statement No. 333-100251 on Form F-3, effective December 27, 2002,
relating to $1,210,050,000 0.25% Convertible Notes Due 2007, $500,000,000 4.30%
Bonds Due 2005 and Warrants to Purchase 9,270,200 Common Shares.

Moody&#8217;s Raises Senior Unsecured Rating of KT Corporation

On June 15, 2005, Moody&#8217;s Investors Service, Inc. raised the senior unsecured
issuer rating of KT Corporation to A3 from Baa1.  The outlook for the rating
changed to stable.






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<B>SIGNATURES</B>
</CENTER>
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<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">
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    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="100%">
       &nbsp;
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       Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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       &nbsp;
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       &nbsp;
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       KT Corp.
    </TD>
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       Date: 06/16/2005
    </TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="4%%">
       By:
    </TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="56%">
       Whajoon Cho<BR><HR WIDTH="30%" NOSHADE>
    </TD>
  </TR>

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       &nbsp;
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       Name:&nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="56%">
       Whajoon Cho
    </TD>
  </TR>

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    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="40%">
       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="4%%">
       Title:
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="56%">
       Managing Director
    </TD>
  </TR>
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       &nbsp;
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    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="4%%">
       &nbsp;
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       &nbsp;
    </TD>
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EXHIBIT&nbsp;INDEX
</B></FONT>
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      <FONT SIZE="-1"><B>Exhibit No.</B></FONT>
    </TD>
    <TD WIDTH="15%">
      &nbsp;
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    <TD NOWRAP ALIGN="LEFT" WIDTH="77%">
      <FONT SIZE="-1"><B>Description</B></FONT>
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      <HR SIZE="1" NOSHADE>
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      &nbsp;
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    </TD>
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      <FONT SIZE="-1">99.11<FONT>
    </TD>
    <TD WIDTH="15%">
       &nbsp;
    </TD>
    <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
      <FONT SIZE="2">Moody's Press release</FONT>
    </TD>
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<TYPE>EX-99.11
<SEQUENCE>2
<FILENAME>exhibit1.htm
<DESCRIPTION>EX-99.11
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Exhibit&nbsp;&nbsp;EX-99.11
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<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt"><B>Moody&#146;s Investors Service</B></FONT><FONT style="font-size: 12pt"> </FONT><FONT style="font-size: 9pt"><B>Global Credit Research Rating Action</B>
<BR>
15 JUN 2005</FONT>



<P align="left" style="margin-left:1%; font-size: 9pt"><B>Rating Action: KT Corporation</B>



<P align="left" style="margin-left:1%; font-size: 9pt"><B>MOODY&#146;S RAISES KT&#146;S RATINGS TO A3; OUTLOOK STABLE</B>


<P align="left" style="font-size: 9pt"><FONT style="font-size: 8pt"><B>Approximately $2.27 Billion of Debt Securities Affected.</B></FONT>


<P align="left" style="font-size: 8pt"><FONT style="font-size: 9pt">Sydney, June&nbsp;15, 2005 &#151;Moody&#146;s Investors Service today upgraded KT Corporation&#146;s (KT)&nbsp;senior
unsecured ratings to A3 from Baa1. The action reflects the stabilisation evident in KT&#146;s financial
and business risk profile as well as a significant decrease in refinancing risk since end-2004.
This concludes the review for possible upgrade commenced March&nbsp;2, 2005. The ratings outlook is
stable.</FONT>


<P align="left" style="margin-right:1%; font-size: 9pt">Moody&#146;s went on to say that above all, the ratings reflect KT&#146;s leading position in the Korean
telecommunications market. It is well positioned to benefit from growth in broadband
technologies. Moody&#146;s believes that it would be difficult to dislodge KT&#146;s dominance of the
fixed-line market without aggressive regulatory action. The rating also incorporates the
company&#146;s stable financial profile, based on its solid operating margins and moderate
re-investment requirements.


<P align="left" style="font-size: 9pt">At the same time, the rating considers the growing migration of fixed-line voice traffic to mobile,
a trend which will gradually diminish the contribution of fixed-voice revenues. But this trend is
mitigated by KT&#146;s interest in KTF.


<P align="left" style="margin-right:2%; font-size: 9pt">For KT, the challenge is to successfully replace declining voice revenue from fixed line with
data revenue from its broadband business. It must also continue building KTF as a hedge against
the secular shift from fixed-line voice traffic.


<P align="left" style="margin-right:3%; font-size: 9pt">Moody&#146;s noted that KT had -in recent years &#151;stabilised its credit profile and overcome a
number of challenges in the process. These included a shift in the regulatory environment
with a number of asymmetrical measures introduced to bolster the weaker players, including a
staggered approach to the launch of mobile number portability.


<P align="left" style="margin-right:2%; font-size: 9pt">KT has stabilised its debt maturity profile for 2005 following a spike in debt in 2002 due to
share buybacks associated with its privatisation. The company&#146;s refinancing risk has diminished
this year, following repayment of roughly KRW3.0 trillion. Such risk, however, does remain a
minor concern. Maturities for the rest of 2005 are approximately KRW2 trillion, and almost
KRW2.4 trillion for 2006 and 2007. Such risk is mitigated by KT&#146;s strong access to the Korean
debt markets.


<P align="left" style="font-size: 9pt">KT has indicated its intention to maintain certain financial targets, including debt/EBITDA below
2x as well as liabilities/equity below 200%, but potentially closer to 100%. The rating
incorporates Moody&#146;s expectation that KT will keep to those targets, even as it strives to balance
the sometimes competing needs of shareholders and creditors.


<P align="left" style="font-size: 9pt">The rating outlook is stable, reflecting KT&#146;s sound operating profile and improving credit metrics.
Its ratings could experience upward pressure in the next 18&nbsp;months if the operating environment,
particularly the cellular market, improves, such that 1) overall levels of growth increase; and 2)
evidence emerges of greater stability in the regulatory environment. These improvements may be
reflected by consolidated ratios of free cash flow to net adjusted debt above 15% and EBITA to
average assets above 14% on a sustainable basis.


<P align="left" style="margin-right:3%; font-size: 9pt">KT&#146;s rating could experience downward pressure if competition increased, such that margins
became compressed and capex accelerated. Such pressure may be evidenced by net adjusted debt
to adjusted EBITDA over 2x and EBITA to average assets below 10% on a consolidated basis.


<P align="left" style="font-size: 9pt">KT Corporation, headquartered in Bundang-gu Sungnam City, the Republic of Korea, is the country&#146;s
leading telecommunications services provider.


<P align="left" style="font-size: 9pt">Sydney Charles F. Macgregor VP -Senior Credit Officer Corporate Finance Group Moody&#146;s Investors
Service Pty Ltd 612 9270 8100 Sydney Brian Cahill Managing Director Corporate Finance Group Moody&#146;s
Investors Service Pty Ltd 612 9270 8100


<P align="left" style="font-size: 9pt">&#169; Copyright 2005, Moody&#146;s Investors Service, Inc. and/or its licensors including Moody&#146;s Assurance
Company, Inc. (together, &#147;MOODY&#146;S&#148;). All rights reserved.


<P align="left" style="font-size: 9pt"><FONT style="font-size: 7pt">ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY
BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED,
REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN
ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY&#146;S PRIOR WRITTEN CONSENT.
All information contained herein is obtained by MOODY&#146;S from sources believed by it to be accurate
and reliable. Because of the possibility of human or mechanical error as well as other factors,
however, such information is provided &#147;as is&#148; without warranty of any kind and MOODY&#146;S, in
particular, makes no representation or warranty, express or implied, as to the accuracy,
timeliness, completeness, merchantability or fitness for any particular purpose of any such
information. Under no circumstances shall MOODY&#146;S have any liability to any person or entity for
(a)&nbsp;any loss or damage in whole or in part caused by, resulting from, or relating to, any error
(negligent or otherwise) or other circumstance or contingency within or outside the control of
MOODY&#146;S or any of its directors, officers, employees or agents in connection with the procurement,
collection, compilation, analysis, interpretation, communication, publication or delivery of any
such information, or (b)&nbsp;any direct, indirect, special, consequential, compensatory or incidental
damages whatsoever (including without limitation, lost profits), even if MOODY&#146;S is advised in
advance of the possibility of such damages, resulting from the use of or inability to use, any such
information. The credit ratings and financial reporting analysis observations, if any, constituting
part of the information contained herein are, and must be construed solely as, statements of
opinion and not statements of fact or recommendations to purchase, sell or hold any securities. NO
WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR
FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR
MADE BY MOODY&#146;S IN ANY FORM OR MANNER WHATSOEVER. Each rating or other opinion must be weighed
solely as one factor in any investment decision made by or on behalf of any user of the information
contained herein, and each such user must accordingly make its own study and evaluation of each
security and of each issuer and guarantor of, and each provider of credit support for, each
security that it may consider purchasing, holding or selling.
<BR>
MOODY&#146;S hereby discloses that most issuers of debt securities (including corporate and municipal
bonds, debentures, notes and commercial paper) and preferred stock rated by MOODY&#146;S have, prior to
assignment of any rating, agreed to pay to MOODY&#146;S for appraisal and rating services rendered by it
fees ranging from $1,500 to $2,300,000. Moody&#146;s Corporation (MCO)&nbsp;and its wholly-owned credit
rating agency subsidiary, Moody&#146;s Investors Service (MIS), also maintain policies and procedures to
address the independence of MIS&#146;s ratings and rating processes. Information regarding certain
affiliations that may exist between directors of MCO and rated entities, and between entities who
hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of
more than 5%, is posted annually on Moody&#146;s website at www.moodys.com under the heading
&#147;Shareholder Relations &#151; Corporate Governance &#151; Director and Shareholder Affiliation Policy.&#148;</FONT>



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