Moody's gives Korea Expressway notes Aa2

Moody's Investors Service said it gave an Aa2 rating to the planned senior unsecured dollar-denominated notes to be issued by Korea Expressway Corp.

"The Aa2 rating reflects our assessment of a very high likelihood of extraordinary support for KEC from the government of Korea, which underpins a six-notch uplift to its rating from its baseline credit assessment," said Mic Kang, a Moody's vice president and senior credit officer, in a press release.

Korea Expressway plans to use the proceeds to finance or refinance, in whole or in part, new or existing eligible green and social projects, including developing green buildings and renewable power, promoting clean transportation, among other green uses.

The outlook is stable.

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