S&P rates Korea Expressway notes AA-

Standard & Poor's said it assigned an AA- long-term issue rating to the $50 million senior unsecured bonds drawdown from the $3.5 billion global medium-term notes program of Korea Expressway Corp.

The proceeds will be used for general corporate purposes.

The ratings reflect the almost certain likelihood that the government of the Republic of Korea will provide timely and sufficient extraordinary support if the company were to experience financial distress, S&P said.

Korea Expressway is the sole government-owned entity responsible for meeting the government's objectives of constructing, maintaining and operating Korea's expressway network, the agency said.

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