Moody’s rates Korea Expressway notes Aa3

Moody's Investors Service said it assigned an Aa3 rating to the proposed senior unsecured dollar-denominated notes to be issued by Korea Expressway Corp. (Aa3 stable).

The outlook is stable.

The notes will be issued under Korea Expressway’s existing $3.5 billion global medium-term note program, which is rated provisional Aa3.

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

"The rating reflects the high likelihood of timely, extraordinary support of KEC by the Korean government because of its important policy roles, and the high reputational and contagion risks that may arise if it were to default," Moody's vice president and senior analyst Mic Kang said in a news release.

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