S&P gives Korea Expressway bonds A+

Standard & Poor's said it assigned its A+ rating to Korea Expressway Corp.'s (A+/stable/--) proposed dollar-denominated senior unsecured bonds.

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

S&P said the ratings on Korea Expressway reflect its opinion that there is an "extremely high" likelihood that the government of the Republic of Korea (foreign currency A+/stable/A-1; local currency AA-/stable/A-1+) will provide Korea Expressway with timely and sufficient extraordinary support if it were to experience financial distress.

Korea Expressway is the sole government-owned national expressway builder and operator. The agency assesses the standalone credit profile for Korea Expressway to be bbb-.

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