S&P assigns A to Korea Expressway bonds

Standard & Poor's said it assigned its A rating to Korea Expressway Corp.'s (A/stable/) proposed U.S. dollar senior unsecured bonds due in 2014. The bonds are to be drawn down from a $3.5 billion global medium-term note program.

The ratings on the company are based on the company's important role in Korea's policy for infrastructure development, specifically the development and expansion of the country's expressway network, the agency said.

Korea Expressway generates strong and steadily growing revenues through its strong business position as the country's national expressway operator. While the company's financial profile is characterized by an ongoing need for massive external funding for an ambitious expansion program, this is largely offset by government support, S&P said.

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