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S&P gives AA to Korea Expressway notes
S&P said it assigned its AA long-term issue rating to U.S. dollar-denominated senior notes that Korea Expressway Corp. (KEC) proposes to issue.
The notes will be drawn down from the company's $3.5 billion global medium-term note program.
Korea Expressway plans to use the proceeds for general corporate purposes, including refinancing of its existing obligations.
“We equalize our rating on KEC with the long-term sovereign credit rating on Korea (AA/stable/A-1+). We see an almost-certain likelihood that the government will provide KEC with timely and sufficient extraordinary support if the company experiences financial distress,” S&P said in a news release.
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