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Moody’s gives Korea Expressway notes Aa2
Moody's Investors Service said it assigned an Aa2 rating to the proposed senior dollar notes to be issued by Korea Expressway Corp. (Aa2 stable).
The outlook is stable.
The notes will be issued under the company’s existing $3.5 billion global medium-term note program.
The company plans to use the proceeds for general corporate purposes, including refinancing and capital expenditures.
“The Aa2 rating is primarily driven by Moody's assessment of a very high likelihood of support from the Korean government for KEC, if and when needed, given the company's important policy roles in the country's toll road sector and the high reputational and contagion risks that may arise if it were to default,” Mic Kang, Moody's vice president and senior credit officer, said in a news release.
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