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S&P rates Korea Expressway notes AA
S&P said it assigned its AA long-term issue rating to the proposed U.S. dollar-denominated senior unsecured notes issued by Korea Expressway Corp. (AA/stable/--).
The notes will be drawn from the company’s $3.5 billion global medium-term note program, which S&P rates AA.
“We equalize the ratings on KEC with that on South Korea (AA/stable/A-1+). We believe there is an almost certain likelihood that the government will provide the company with timely and sufficient extraordinary support if it were to experience financial distress,” S&P said in a news release.
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