Fitch affirms Korea Expressway

Fitch Ratings said it affirmed Korea Expressway Corp.'s long-term foreign-currency issuer default rating and foreign-currency senior unsecured rating at A+.

The outlook is positive.

The company's ratings are equalized with those of the Korean sovereign due to the strong operating and strategic linkages, Fitch said.

The ratings also consider its status as a 99.98% directly and indirectly government-owned enterprise, engaging in the construction and operation of the expressway network in Korea, the agency said.

The company's heavy capital expenditure burden continues to be partially funded by the government through new equity injections, Fitch added.

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