S&P gives AA to Korea Expressway bonds

S&P said it assigned an AA issue rating to Korea Expressway Corp.'s (AA/stable/--) proposed dollar-denominated senior unsecured bonds to be drawn from the company's $3.5 billion global medium-term note program.

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

S&P said the corporate credit rating reflects its opinion that there is an almost certain likelihood that the government of the Republic of Korea (AA/stable/A-1+) will provide Korea Expressway with timely and sufficient extraordinary support if the company experiences financial distress.

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

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