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Moody's gives Korea Expressway notes A2
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 notes will be issued under the issuer’s $3.5 billion global medium-term note program, which is rated (P)Aa2.
"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 (BCA)," said Mic Kang, a Moody's vice president and senior credit officer, in a press release.
KEC plans to use the proceeds for general corporate purposes, including to repay its maturing debt.
The outlook is stable.
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