S&P rates Korea Expressway notes AA

S&P said it rated Korea Expressway Corp.’s planned dollar-denominated senior unsecured notes AA.

“We equalize the ratings on KEC with those on Korea (the Republic of) (AA/stable/A-1+). We believe there is an almost certain likelihood that the government will provide the company with timely and sufficient extraordinary support if it were to experience financial distress,” S&P said in a press release.

The company plans to use the proceeds for general corporate purposes.

The outlook is stable.

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